What: Selfridges was hit hard by the pandemic due to the store closures, Brexit and lack of tourism.

Why it is important: The extent of the losses gives also an idea of what is going on for the rest of the London-based department stores (Harrods, Liberty, Harvey Nichols) and one can wonder if the shopping spree is over in the UK.

Selfridges filed its full accounts for the year 2020 until 31st of January 2021 and it was a tough year: revenue fell -40% to £508.5m due to the 8 month closure of stores in the UK during the year. As a consequence operating result was negative, at -£136.7m compared to a result of £113.8m the year before (leading to a net loss of -£163.2m compared to a profit of +£20.6m in 2019).

This led to a net cut of 500 jobs during 2021, prior to being sold to Central Group and Sigma at the end of the year.

Selfridges UK stores saw revenues falling 40% in first pandemic year