WORLD’S ‘BEST DEP’T STORE’ IN UK SLASHES 14% OF WORK FORCE

Even the best businesses in high-end retail aren't insulated from the effects of the coronavirus pandemic. Selfridges, the only department store named best in the world four times, is shedding 14% of its workforce as it faces its "toughest year" because of the pandemic, Eoin McSweeney wrote for CNN Business on July 29, 2020.

The UK retailer, which was founded in 1908, said it was expecting annual sales to be "significantly less" than last year, and that about 450 jobs will be axed. The chain has four stores: one on London's Oxford Street, two in Manchester and one in Birmingham.

Selfridges said it was reviewing all non-essential costs and pausing a number of projects and initiatives. It reopened its doors last month after closing when a government-mandated lockdown began in March. Its restaurants and hair salons have also reopened, but about 30% of staff remain on a government furlough program.

Sales had been increasing in recent years, and totaled £1.85 billion ($2.38 billion) for the year ending February 2019. Operating profits were squeezed as Selfridges invested heavily in the customer experience, including a 60,000 square foot accessories hall, the largest in the world, at its iconic flagship Oxford Street store.