What: different types of news kiosks in Barcelona

Why it is important: Department stores are looking to reclaim their role as “third place” where people can meet and “hang out”.

Successful local places where customers can find what they need in terms of news, publications, magazines etc. Some might emphasise gay culture if it represents their area, for example. The aim is to “keep people entertained amazed and amused”. What can department stores learn from these formats?

Safe in the knowledge 

What: the retailer wants to expand its new concept store combining Dollar Tree and Family Dollar

Why is it important: the format targets rural communities of 3 000 to 4 000 people

Dollar Tree plans a major expansion for a new concept store, introduced a little over a year ago, that combines its namesake and Family Dollar banners into a single storefront. The format targets rural communities of 3 000 to 4 000 people, where the retailer would traditionally not open a Dollar Tree store alone.

The retailer now operates a total of 50 “combined” stores and comparable sales are up 20% on average at the new format stores.

Family Dollar's sales often have lagged Dollar Tree's, and the company has closed hundreds of Family Dollar stores. That trajectory, however, reversed during the pandemic, when Family Dollar's offering of food and household essentials helped feed sales as consumers stocked up their houses and consolidated trips.

The format also combines the differing assortments of the two banners, bringing food and household essentials from Family Dollar together with crafts, party supplies, decor and other categories from Dollar Tree.

Dollar Tree already operates nearly 15 700 stores across its two banners. In the previous fiscal year, which wrapped up at the end of January, both the Family Dollar and Dollar Tree banner posted top-line sales growth amid a retail environment defined in nearly every aspect by the COVID-19 pandemic. That growth continued into the fourth quarter for both banners, with Family Dollar same-store sales up 8.1% and Dollar Tree's up 2.4%.

Dollar Tree eyes at least 3 000 locations for rural concept stores

What: Nordstrom has announced results for the final quarter of 2020-2021 and for the whole year to end January 2021. Unsurprisingly, Q4 was tough with total sales down 20% on the previous year. Digital sales were up 24% and represented 54% of the total. The key categories were home, active and beauty.

Why it is important: For the year, total revenues fell from $15 524 m to $10 715 m, with Nordstrom Rack, the off-price format representing around one-third of the total. Net earnings fell from $496 m to a loss of $ -690 m. Gross profit or margin fell from 34.4% to 26.6% and SGA expenses rose to 40.2% from 31.8%.

For the current year, Nordstrom is expecting a total revenue growth of 25% with online representing around 50%. It is also forecasting an EBIT margin of 3% of sales, with a break even in the first half.

Nordstrom Reports Fourth Quarter 2020 Earnings

Nordstrom Investor Relations

What: Q4 net earnings fell from USD 193 million last year to USD 33 million

Why is it important: digital sales reaching 54% of the business and positive operating cash flow for third consecutive quarter

Q4 outlook (compared with the same period in 2019):

-Total company net sales decreased 20% from USD 4.44 billion to USD 3.55 billion.

-Digital sales increased 24% and represented 54% of the business (approx. USD 2 billion).

-For the Nordstrom brand, net sales decreased 19%.

-For the Nordstrom Rack brand, net sales decreased 23%.

-Earnings before interest and taxes (“EBIT”) was USD 30 million compared with USD 299 million last year.

-Top performing merchandise categories included home, active and beauty.

2020 outlook:

-Nordstrom had a net loss of USD 690 million, versus reporting a profit of USD 496 million in 2019. The first quarter of 2020, with the onset of the pandemic, took the biggest toll on profitability.

-“The toughest category just broadly is apparel, particularly men’s apparel,” said Nordstrom. “We have a sizable work and formal assortment. That’s also true in women’s. Fashion apparel is the most perishable. We are being super conservative on what we are investing in there.”

2021 outlook:

-Revenue, including retail sales and credit card revenues, is expected to grow more than 25%, with digital representing approximately 50% of sales.

• Pete Nordstrom said, “We’re super enthusiastic with Asos,” which purchased brands from the bankrupt Arcadia in the U.K. Nordstrom has been selling Topshop merchandise exclusively for several years. “Asos is capable of investing and elevating the brand.”

Nordstrom forecast that the company’s annual revenue will reach USD 17 billion in the next three to five years, which compares to USD 10.38 billion in sales last year, and USD 15.13 billion in 2019.

Nordstrom Q4 press release

Nordstrom sees sales and earnings decline

What: created by a former sales associate, Seer simplifies the now-critical process of selling to virtual VIP clients

Why is it important: luxury fashion clienteling has become an increasingly competitive advantage for the industry, particularly hard-hit department stores

Seer, a web-based software company for luxury sales teams that consolidates seller tools spread across places like WhatsApp, Mailchimp and Photoshop, is launching this week. Seer will graduate from a three-month stint and a USD 125 000 investment at Silicon Valley incubator Y Combinator, whose previous graduates include Airbnb and payment provider Stripe. Seer has also received additional funding from Foundation Capital’s Jonathan Ehrlich.

Luxury fashion clienteling has become an increasingly necessary skill and competitive advantage for the industry, particularly hard-hit department stores. New selling tools and technology are gaining investor interest. Bambuser, used by Farfetch and Moda Operandi, raised USD 45 million in September; Hero raised USD 10 million; and Livescale, used by Roberto Cavalli and L’Oréal, just announced a funding round.

In a global push toward video shopping, Seer has added the ability for associates to schedule virtual appointments and load a virtual “clothing rack” that tracks which items a client has liked. Seer is launching with a number of luxury brand clients, including department stores, individual brands, boutiques and multi-brand e-commerce platforms, including The Webster and Saks.

“It’s a very authentic product from someone that understands retail and sales — not someone from the tech world who has no clue what it is day-to-day,” says Cecile Levinger, retail director at The Webster. A lot of tools are too focused on the tech part, but stylists don't care about the tech — they care about their clients.”

In addition to the ability for associates to create branded, shoppable, magazine-style layouts that can be shared via email, PDF or a texted link, Seer syncs image libraries from a range of sources including Google Drive, Dropbox, iCloud and Instagram and enables associates to manage communications through multiple channels such as WhatsApp or email. It also hosts shoppable video appointments and allows associates to see data on customer engagement. Seer makes money by charging a monthly subscription fee with an annual commitment and does not take commissions on sales.

Seer, the luxury clienteling software

What: after building a partnership between Gucci and The RealReal, Kering invests in the French resale platform

Why is it important: luxury’s attitude to second-hand model is rapidly changing

A year ago, none of the French luxury group Kering’s brands had dared dip a toe into the fast-moving waters of online fashion resale.

Luxury sector is evolving fast towards second-hand business. Since 2018, Burberry and Stella McCartney have entered into partnerships with The RealReal. That same year, Richemont bought a watch resale website, Watchfinder. Neiman Marcus took a minority stake in Fashionphile in 2019, a shopping site for second-hand luxury handbags and accessories. Last year, Kering brands Gucci and Alexander McQueen have both announced partnerships with respectively The RealReal and Vestiaire Collective. Also last year, LVMH said that the group luxury’s biggest company is looking at resale opportunities.

Now, Kering has acquired a 5 per cent stake in Paris-based Vestiaire Collective, in the clearest sign yet that luxury’s attitude to the second-hand model could be thawing.

The group stepped up as a leading investor in the platform’s latest funding round. The EUR 178 million (USD 215 million) financing pushed Vestiaire Collective’s valuation above USD 1 billion for the first time. Existing shareholders including Condé Nast and French private equity firm Eurazeo reinvested alongside Kering.

The shift reflects broader market trends as luxury players seek to burnish their sustainability credentials and secure a seat at the table in the luxury resale sector. Second-hand fashion is already worth USD 40 billion and is expected to grow as fast as 15 to 20% per year through 2025. Resale also offers an entry point to build brand loyalty at more accessible prices, and with an eco-conscious message that resonates powerfully with the next generation of consumers.

Whether the partnerships will stick, or grow to a meaningful scale, remains to be seen. But brands are likely hoping they could win back some control over how they are presented on the sites, as well as exploring a new channel to monetise their own unsold inventories and returned products.

Luxury brands partnering with resale sites have also offered sellers store credit in return for their pre-loved handbags and high heels. That appeals to environmentally-conscious shoppers while also tempting them back to the store.

Why Kering Invested in Vestiaire Collective 

Gucci owner Kering invests in resale platform Vestiaire Collective

What: The news follows the recent deal in which Naver and Shinsegae bought around USD 221 worth of the other firm’s shares.

Why is it important: While Naver is betting on its partner’s luxury credentials to strengthen its advertising, e-commerce and fintech services, Shinsegae could become the leading online vendor for premium goods.

The link up could help streamline Shinsegae’s logistics operations and boost gross merchandise volume. The two players are also reportedly in talks to fuse their membership systems.

The news comes hot on the heels of local e-commerce giant Coupang’s USD 3.5 billion US IPO as well as reports that Shinsegae is among the potential buyers of eBay’s Korean business.

Shinsegae is the country’s largest importer of luxury brands, which could set it up to become the South Korean market’s leading online vendor for premium goods as shopping continues to shift online post-pandemic. Despite Coupang’s size, it has yet to stock top luxury brands; meanwhile, rival retail group Lotte is struggling to keep up with digitally savvy rivals.

Shinsegae, Naver to Launch Luxury E-Commerce Platform 

What: The first social capital report from Macy’s

Why it is important: at times when major companies are held accountable and full transparency is requested, Macy’s goes deep into giving statistics about its workforce.

Macy’s released a new report which gives a perspective on how diverse its workforce is, and the challenges lying ahead: be accountable and transparent, promote equality of chances, improve diversity representation at the senior level director and above (24% today, 30% to be reached by 2025).

This report also addresses the new working methods for Macy’s employees: remote working when it is possible, shared work spaces in offices and socially-distance break rooms in stores. Interestingly, the report also hints at the needed investments to sustain remote working (delocalized call centres, extension of VPN licences).

You can access the full report at this address:  report

Macy’s Inc. Plays Up the People Aspect of Its Business 

What: after Isetan and Takashimaya, Hankyu is venturing outside Japan

Why is it important: Hankyu chose Ningbo city as competition is too fierce in top tier cities

The owner and operator of Hankyu Hanshin Department Stores will partner with Shanshan Group to unveil a luxury shopping destination in Ningbo, China next month, local media outlet Jiemian reports.

The store will be H2O Retailing’s first venture outside Japan and span 230 000 square meters. It was slated to open in 2018 but was delayed thrice. The location will house luxury fashion boutiques alongside premium beauty stores and Michelin star restaurants.

Unlike Japanese rivals Isetan and Takashimaya, H2O Retailing has chosen not to break into the Chinese market through Shanghai — a decision reportedly due to fierce competition in top tier cities.

Where both Isetan and Takashimaya have struggled in a landscape dominated by homegrown retail groups, it remains unclear whether H2O Retailing’s local partner and choice of location will give it an edge. Isetan, which entered China in 1993, operates three department stores in the country but closed three branches before 2014. Despite going back on its announcement to withdraw from the market in 2019, Takashimaya, which opened in Shanghai in 2012, has seen sales slide.

Japan’s H2O Retailing to Open Department Store in China 

What: retailer’s growth is driven by holiday sales performance

Why is it important: Target's sales growth in 2020 outpaces past 11 years

Target capped off the fiscal year on 2 March with strong fourth-quarter results driven by its blockbuster holiday sales performance. The retailer recorded USD 15 billion of sales growth in 2020, higher than the company's total sales growth over the past 11 years, according to a company press release.

Total net sales in 2020 reached USD 92.4 billion, while comparable sales rose 19.3%. For the fourth quarter, comparable sales grew 20.5%, with traffic growth of 6.5% and average ticket up 13.1%. The company's revenue for Q4 rose 21.1% year over year to USD 28.3 billion from USD 23.4 billion.

Target also said it would annually invest about USD 4 billion to launch more stores, update existing ones and improve online fulfilment. The company intends to continue this investment over the next couple of years.

Digital comp sales rose 102% in November and December, while store comps rose 4.2%. Digital was a big winner for Target for the whole year: Sales through that channel grew by nearly USD 10 billion in 2020, thanks to a 235% increase in Target's same-day services. In the fourth quarter alone, digital comps were up 118%, led by 500% growth in Drive Up.

While Target declined to provide sales estimates for the future, competitor Walmart said it expects sales to slow in 2022 after pandemic-driven sales begin to dial down.

Target Corporation Reports Q4 and 2020 Earnings

Target's sales growth in 2020 outpaces past 11 years

What: online company Farfetch grows significantly in 2020 and partners with Alibaba’s Tmall.

Why it is important: Farfetch appears to be getting closer to profitability. Shows up how brands lose out on wholesale.

Farfetch has announced revenue growth in 2020 of 64% to $ 1.7 billion. The year 2020 was described as a landmark year with very uneven quarters. But investments in services such as same-day and 90-minute delivery, fit technology to help with sizing, for example, helped establish the company as an online luxury destination. Overall, the company reported a loss after tax of $ 3.3 billion due to investments in convertible notes in early 2020 from Tencent and US Dragoneer. Further higher costs relating to Brexit will likely impact near-term margins. Meanwhile it is working on strengthening its brand partnerships.

Farfetch is launching on Alibaba’s Tmall (after shutting down on JD.com). This partnership is described by founder Jose Neves as a “slow burn” designed to “test and fail and learn”. Farfetch is not alone on the luxury market, however. Mytheresa said it had a 28.2% rise in active clients last quarter, and Revolve is is investing also.

According to Vogue Business, brands see greater benefits from going on Farfetch than selling wholesale. See graph below:

Farfetch graph

Farfetch reaches profitability after 12 years 

Farfetch Prepares to Turn On With Tmall 

01.03.21 FINAL FARFETCH Launches Storefront on Tmall's Luxury Pavilion

What: After Neufchâtel county, Globus will close a second store

Why is it important: Following COVID-19 consequences, the retailer is reorganising its business

Globus will close its Locarno store in December 2022. This closure, linked to the strategic reorientation of the group and the impact of coronavirus on the business, will result in the loss of 50 jobs.

Globus Locarno will be transformed into an outlet from beginning of April.

Globus will close its Locarno store

What: following second-hand business, repair services can reap rewards

Why is it important: Farfetch has seen significant year on year growth in purchases of pre-owned items

Fashion retailers Farfetch and FW have both found benefits from moving into repair, with the latter reducing warranty return costs “by 60% after launching a gold standard repair guarantee for its outdoor clothing”.

Farfetch and FW have worked with ReLondon and QSA over a two-year period to develop, trial and launch their new circular offerings, as part of a project called Circular Fashion Fast Forward.

Farfetch launched both its Secondlife and Donate models during the period and said it has seen “significant year on year growth in purchases of pre-owned items”. The company is actively seeking to include even more product categories in its re-commerce model and has already rolled it out to more of its global markets.

For FW has embedded a repair service, embracing circular business models. It is helping to strengthen customer loyalty. It has also reduced their costs, as they have not had to make new products to replace warranty claims.

'Repair' rather than 'replace' can yield rewards says new report

What: The sportswear giant is shifting toward a more DTC-driver business.

Why is it important: The athletics retailer is joined by Adidas and Under Armour in the quest to make more profitable sales through DTC channels.

Nike has notified another seven wholesale accounts that they will be shut down. Among those cut are big names, including DSW, Urban Outfitters and Macy's, along with Big Five, Olympia Sports, Duhnams and Shoe Show. Nike will no longer sell apparel directly to Macy's, but the Finish Line at Macy's business is still supposed to receive products. The news comes after the athletics retailer dropped nine wholesale accounts last August, including Belk and Zappos.

It's the latest move in Nike's strategy to focus more on its own DTC sales and limit wholesale to only certain "strategic partners." The Consumer Direct Acceleration strategy also hinges on investing more in digital and the rollout of up to 200 small-format stores in the model of its digitally enabled Nike Live concept.

Nike drops DSW, Urban Outfitters, Macy's in quest for more DTC sales

Related items:

• How Nike is using DTC to expand its empire
• Adidas aims to cut out retailers in a renewed push for growth

What: Since January 2021, K11 mall properties in Hong Kong and mainland China have delivered a “strong” performance with cumulative sales surging 81% in the year-to-date, compared with the same period last year.

Why it is important: In the first half of the fiscal year ending on December 31, 2020, Shanghai’s K11 was among the best-performing, with a sales growth rate of 37%, hitting highs unseen since its opening in 2013.

This good news was tempered by bad, as New World’s flagship Hong Kong property, K11 Musea, has been forced to temporarily close this week, after a Covid-19 outbreak was linked to one of its restaurants. It’s expected to re-open on 5 March.

But even in Hong Kong, where retail sales have been on a losing streak for almost two years, dropping by up to 44%, Adrian Cheng, executive vice-chairman and chief executive of New World is “very optimistic that Hong Kong’s economy will recover gradually as more and more Hong Kong residents are vaccinated.”

Sales surge 81% at China’s K11 malls

What: When stores reopen on 12 April, almost 1 500 jobs are at risk.

Why is it important: The retailer is expecting of revenues to be generated online, even when shops are trading normally again.

UK department store chain John Lewis will not reopen eight of its 42 stores after the current lockdown ends in April. Department stores in Aberdeen, Sheffield, Peterborough and York will remain closed, plus four smaller “At Home” stores in Tunbridge Wells, Ashford, Basingstoke and Chester.

A total of 1,465 roles are threatened by the closures. A similar number of jobs were already lost last year when eight other stores did not reopen after the first lockdown. The latest closures will reduce the estate to 34 department stores.

“Given the significant shift to online shopping in recent years, we do not think the performance of these eight stores can be substantially improved,” the group said in a statement.

John Lewis will not reopen eight stores when lockdown ends

What: the announcement is part of a 3-year turnaround plan.

Why is it important: the retailer is aiming to increase private labels business share, responding to investors criticism.

The home goods retailer said six of the eight brands will launch in the first six months of its fiscal year, according to a company press release.

The announcement comes after the company in October revealed plans to launch at least 10 private labels over the next 18 months as part of a broader three-year turnaround plan.

Investors in the past have criticized Bed Bath & Beyond's lack of private labels. In fact, private labels account for just 10% of the retailer's sales. Comparatively, owned brands make up one-third of Target's sales, according to Telsey Advisory Group.

Among Target's store brands, 10 have generated USD 1 billion in sales, with the most recent being its All in Motion activewear line, which reached the milestone within its first year of launching.

With the planned brand launches, however, Bed Bath and Beyond expects to grow its sales penetration from private labels to 30% within the first three years.

The retailer also announced that it will launch thousands of new products exclusive to Bed Bath & Beyond while simultaneously cutting thousands of underperforming brands, labels and products. All of this is part of a broader three-year turnaround plan, which includes resetting its merchandise assortment, remodeling around 450 stores and improving its digital experience.

Bed Bath & Beyond's 3-year transformation plan

Bed Bath and Beyond plots 8 private labels launches this year

What: consumers are moving away from fast fashion athleisure and looking to invest in longer-lasting performance wear

Why is it important: insights from Vogue Business ahead of IADS Sport & Lifestyle merchandising meeting

Online fitness communities have soared over the last year in response to the closure of gyms and restrictions on spectators at sports events.

As the power of digital communities and the growing interest in health are long-term trends, they have both converged and accelerated, creating networks of consumers ready to invest in fitness apps, equipment and clothes. Premium and mass-market athleticwear brands are tapping into these fitness communities to reach hyper-engaged audiences, while luxury brands are exploring the potential of technical athletic wear. Fitness networks nurture a sense of belonging and, as networks strengthen, participants are naturally ready to step up their spending on higher performance quality products.

More than 74 million athletes worldwide use Strava, an app that enables users to track metrics for outdoor activities. But it's the social aspect that’s attracting 2 million newcomers each month, involving the creation of clubs or challenges. Lululemon has one of the biggest clubs on Strava, with over 100 000 members and some of its challenges saw mass engagement with more than 300 000 people tracking their workouts together. And athleisure is one of few resilient categories during the pandemic.

As the pandemic continues, trust in institutions, media and government have declined. Instead, consumers are seeking out communities and networks online. The result: a long-term and hyper-engaged network of consumers in the fitness space.

Nike launched its run club, NRC, in 2010. It logged 100 million runs over the last 12 months, continuing to see strong year-over-year gains in weekly active users, new users and retained users in Q2, Nike says. The app links seamlessly to in-app purchases and offers exclusive drops and discounts.

As Nike is considered a luxury brand by younger consumers, the On CloudX shoe was ranked as #9 in the Lyst Q4 2020 index of the hottest items for men, the first time a technical running shoe has featured in the ranking. The top ten is typically dominated by luxury and streetwear brands, but Lyst is seeing a shift as consumers invest in technical sportswear.

Luxury brands have tended to steer clear of technical athletic wear, but there are signs that they are ready to push more into this product category. Designers already launched collaborations with sportswear brands in the past few years: Victoria Beckham, Maison Margiela or Vêtements with Reebok, Dior with Nike and Prada with Adidas.

It remains to be seen whether luxury brands will explore besides sneakers. Peloton, the exercise equipment and media brand that went public in 2019 is already serving those consumers. Peloton is a luxury brand, it’s vertically integrated and it has a high price premium.

As online fitness booms, is technical sportswear the new luxury

What: Liberty, London's iconic department store, is bringing its unique in-person experience to online shoppers.

Why is it important: The new virtual shopping service provided by Hero, connects online customers live with a department-specific expert in the Liberty store through chat and video consultations. Virtual shopping brings the Liberty store to life online. Customers who use the system are spending an average of 78% more when interacting with rich imagery and video content from in-store.

Liberty's store associates also use the system to follow what customers are shopping for in real-time, making it easy to share personalised product recommendations just like they would in-store. They are able to stay in touch with customers and share product updates by text, recommend complementary items, or send notifications when a product is back in stock.

See presentation by Adam Levene, founder of Hero, made at IADS General Assembly November 2019 in London with CEO of Liberty.

Liberty officially launches virtual shopping experience with Hero 

What: In order to provide more content to its customers, Kayak opens its own-brand resort in Miami

Why it is important: collaborations with websites allowing them to provide physical experiences to their customers could be a way for department stores to rethink the usage made of some of their square metres, and generate new revenues.

GDR UK, a retail intelligence agency based in London, spotted the online travel booking website Kayak which plans to open its first own-brand resort in Miami, in collaboration with boutique hotel brand Life House.

A full contactless experience is guaranteed from check-in to voice-controlled room amenities. This new venture will also allow Kayak to collect data on its customers and their usages.

travel booking website opens first bricks and mortar resort

What: from now on the company will rely on local partners

Why is it important: the department store has already cut 100 jobs in Zurich HQ

The company wants to avoid layoffs and try to place its 50 ex-employees with new partners. Globus has also developed social measures including early retirements, compensation, extended periods of notice and job search support.

By February 2020, Globus had been sold by Migros to the joint venture of Austria's Signa and Thailand's Central Group. The new owners announced last April that they would cut about 100 positions at the Zurich headquarters. The department stores currently employ 2 400 people.

Commerce de détail Globus externalise la restauration

What: the Japanese retailer hopes for a USD 55 million turnover by 2026

Why is it important: it’s an attempt to shift from traditional inventory-heavy business model

Japanese department store operator J. Front Retailing will launch a new subscription-based rental fashion service as it tries to shift from its traditional inventory-heavy business model, Nikkei has learned.

The new service, the first by a major Japanese retailer, will allow customers to rent up to three high-end women’s clothing items from foreign and domestic labels for a monthly fee of JPY 11 000 (USD 103).

J. Front Retailing hopes to have 30 000 customers and sales of JPY 5.5 billion (USD 50 million) to JPY 6 billion (USD 55 million) within five years. The subscription service will be handled by J. Front Retailing’s subsidiary, Daimaru Matsuzakaya Department Stores.

It will initially offer about 50 domestic and foreign brands, including popular labels like Marni of Italy and France’s See By Chloe. The service will focus on upscale brands that are popular in department stores.

Japanese Retailer J. Front To Start Fashion Subscription Service

What: SSG.com will launch an open market place to enable individual sellers with a business license to freely market their products on the platform.

Why is it important: A big retail shakeup has started as retailers react to Coupang’s New York IPO and prepare themselves for the sale of eBay Korea, which could significantly shift market shares.

In addition to products from Shinsegae's retail affiliates, such as E-mart and Shinsegae Department Store, SSG.com will let individual dealers sell their products on its platform. Its main rival, Lotte Shopping, launched open market services in April 2020 on its combined online shopping platform, Lotte ON.

As part of the plan, SSG.com launched a seller's page called SSG Partners, where small and medium-sized dealers can register and manage their products. The e-commerce firm also lowered its standard for sellers, by simplifying the registration process: anyone who can provide their ID through a mobile phone can open a business on SSG.com's open market.

However, it decided not to allow open market sellers to sell grocery items, luxury goods and certain fashion brands, as they are in direct competition with Shinsegae Group's retail units.

SSG.com currently sells about 10 million products kept in stock, and this inventory is expected to grow fivefold when it starts its open market service. This growth will help Shinsegae's online business to increase its market share, which is now only 2.4%.

Shinsegae to launch SSG.com open market service

What: Selfridges group of the UK which includes the eponymous Selfridges store on Oxford Street, de Bijenkorf department store in Amsterdam, Brown Thomas and Arnotts in Dublin, as well as the Holt Renfrew upmarket fashion chain in Canada has officially announced results for the year to 2 February 2020, pre-covid. Although revenue increased by 7% to £1.97 bn, operating profits were down 10% to £88 m, and pre-tax profits plunged to £34 m from £98 m the previous year.

Why it is important: Managing Director Anne Pitcher stated that the group has suffered during this latest year. With Selfridges stores being located in city centres, she expects footfall to remain muted for some time, even when stores reopen. City centres — and especially London’s West End — have been devastated in the last year with the international and domestic tourists, plus office workers, that usually make up the majority of shoppers being thin on the ground.

Selfridges press release