The retail experience – Selfridges’ exclusive members club
Westminster council has approved Selfridges’ plans for an exclusive members club and dining room. As reported by City AM, partner at Montagu Evans and Selfridges’ representative, Guy Bransby has said that the invitation only club will provide “new shopping experiences” on Oxford Street.
The news comes in the same week as the retail industry being described (also reported by City AM) as the most distressed sector in Europe. Whilst we have seen slight rises in the consumer confidence index in the last couple of months, confidence levels are still extremely low. High operating and manufacturing costs coupled with consumer cutbacks have hit the retail industry hard.
The pressure for people to consume less comes from both financial and environmental concerns. It has resulted in a much stronger second-hand market in recent years. This means that the retail sector needs to adjust and offer more than just the physical products that they sell.
People are still willing to pay for an experience, especially if they feel like they are getting something exclusive. The way to drive footfall will be to offer something that consumers cannot get either online or second-hand.
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https://www.cityam.com/selfridges-westminster-council-approves-in-store-members-club-but-bans-music/
