Selfridges has seen its operating profits rose to a record £181m for its latest financial year.
The Oxford Street giant department store has undergone a major revamp, which it is understood to have helped Selfridges increase sales by 11.5 per cent year-on-year.
The transformation has helped link the chain’s iconic 1909 Oxford Street store with its 1930s Duke Street extension, and opened what it says is the largest eyewear selection in the UK.
Additionally, the iconic store has rolled out an investment in its Chinese language retail website, an Android app and UK and international delivery options.
The 11.5 per cent rise in sales to £1.75bn for the year ending 3 February 2018 was helped by rising accessories sales, spurred by the opening of a 60,000 sq foot accessories hall in London and boutiques in the Birmingham store.
The new of the success will come as a surprise to many who have hailed this era as the end of the High Street stores. Other department stores, including John Lewis have seen profits shrink by 99 per cent. But Selfridges it appears, has been more successful at meeting the challenges of 21st Century shopping.
The stores UK managing director, Anne Pitcher, said: “We are delighted to deliver such fantastic results, despite difficult retail conditions and consumer confidence uncertainties. We continue to challenge ourselves to be daring in all aspects of our global strategy and to present extraordinary destinations for our customers.
“We are optimistic for further growth in 2018, with more new openings and all to play for in the run up to Christmas – where you can expect the unexpected.”
Founded in 1909, Selfridges claims the title of the world’s first modern department store. It was founded by American entrepreneur Harry Gordon Selfridge, whose life was depicted in the ITV series Mr Selfridge.