Revenue of Selfridges Retail Ltd worldwide 2011-2022

Selfridges is an upmarket department store with only four locations across the United Kingdom. In 2022, the retailer delivered a revenue of 653.4 million British pounds worldwide, which represented a significant increase from the previous year. This is not surprising, as coronavirus restrictions in that financial year, which took place mostly in the calendar year 2020, severely limited footfall. In the finacial year 2022 there was some recovery, but revenue were still a way behind pre-coronavirus levels.

Difficult times for department stores

This fall in revenue had a significant impact on the business. In 2021, 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. 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, before the pandemic struck, high-end retailers were faring better than other department stores in the market. As shown here, Selfridges' revenue had steadily increased, and competitor Harrods had also seen record revenues in 2019. This suggests that there might be opportunity for further recovery in the coming years.