Three-year, £200 million revamp is biggest in store’s 180-year history.Harrods, London’s famous luxury department store is poised to undergo a £200 million revamp, making it the biggest renew in its 183-year history. The investment is aimed partly at attracting more Hong Kong and Chinese customers.
Managing director Michael Ward said to the South China Morning Post that the scheme is part of the retailer’s three-year plan that will also involve investment.
He said the interior of the store, which has 330 various sections including a million square feet of retail space, will be “entirely redeveloped”. There will be no modifications to the exterior, but all the interiors are being redesigned. For instance, the Food Hall’s walls have been knocked down, and the beautiful watch room will be expanded to incorporate a marble staircase heading to new space on the lower ground floor.
At present, the UK itself is the store’s largest single market, although sales to overseas shoppers are rising fast. China is the most significant international market for Harrods, while Hong Kong is its largest Southeast Asian market and fastest growing.
“Our Chinese and Asian customers are extremely important to Harrods, and so are considered part of our redevelopment plans,” Michael War told the Post.
Harrods now owned by Qatar Holdings, the sovereign wealth fund of the Gulf state, which acquired it in 2010 from Mohammed al-Fayed, who had held it since 1985.
23 NOVEMBER 2017, United Kingdom
Source: South China Morning Post