Selfridges is the UK's high-end department store chain that stocks famous luxury brands like Alexander Wang, Balenciaga, Chanel...that $$ stuff.
Background: Selfridges is a chain of high-end department stores across the UK. It was founded back in 1908, and now stocks famous luxury brands like Alexander Wang, Balenciaga, Chanel...that $$ stuff.
What happened: COVID saw the number of visitors to Selfridges' physical stores tank, and sales took a hit as a result. But now, Selfridges (which btw, doesn't sell fridges) has a plan to get foot traffic back up.
What else: Selfridges is going to offer sex therapy and drug-free psychedelic trips in-store...with the hopes that it entices people to visit.
💡The pandemic completely upended how many industries operate, but none more so than the retail industry. So, big bets are sometimes required to get people back in store.
💡While some retailers have responded by increasing their investment in technology...it ain't a foolproof solution. Over 85% of retail still happens in physical stores. And 75% of shoppers are likely to spend more after receiving high-quality service.
💡So, retailers like Selfridges are choosing to offer additional services and experiences to get people back in and sales back up.
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