Revenue of Selfridges Retail Ltd worldwide 2011-2023
Selfridges is an upmarket department store with only four locations across the United Kingdom. In 2023, the retailer delivered a revenue of 843.7 million British pounds worldwide, which represented a significant increase from the previous year. This was less than 10 million pounds away from Selfridge's highest annual revenue, which came in the financial year which ended at the beginning of 2020.
Difficult times for department stores
The fall in revenue in 2021 had a significant impact on the business. In that year, Selfridges registered huge losses to its net worth, which fell by around two thirds in 2021 compared to the previous year. Selfridges was not the only department store that struggled. The volume of retail sales in department and non-specialized stores in Great Britain has steadily fallen since 2018. Debenhams was forced into closure, and bought by online retailer Boohoo. This came ony a couple of years after House of Fraser went into administration, before being bought by Sports Direct.
Luxury department stores
However, in 2023 As shown here, Selfridges' revenue had almost recovered to pre-pandemic levels, and competitor Harrods had also seen a significant increase in revenue in 2023. This suggests that there might be better times ahead for luxury department stores.
Difficult times for department stores
The fall in revenue in 2021 had a significant impact on the business. In that year, Selfridges registered huge losses to its net worth, which fell by around two thirds in 2021 compared to the previous year. Selfridges was not the only department store that struggled. The volume of retail sales in department and non-specialized stores in Great Britain has steadily fallen since 2018. Debenhams was forced into closure, and bought by online retailer Boohoo. This came ony a couple of years after House of Fraser went into administration, before being bought by Sports Direct.
Luxury department stores
However, in 2023 As shown here, Selfridges' revenue had almost recovered to pre-pandemic levels, and competitor Harrods had also seen a significant increase in revenue in 2023. This suggests that there might be better times ahead for luxury department stores.
