Thursday, June 27, 2013

All Right For Some

We are constantly being told that we are living in an economic downturn and we should all be prepared to cut our costs during this crisis, but according to the chief executive of Harrods this does not apply to the luxury side of retailing. 'Michael Ward, chief executive of the Qatari-owned retailer, has shrugged off fears of a downturn in demand for luxury goods, pledging to make the Knightsbridge department store more expensive and upmarket. ...... Speaking at the British Retail Consortium symposium, Mr Ward said that the average amount spent at Harrods had nearly doubled since the onset of the financial crisis.' (Times, 26 June) Mr Ward went on to illustrate how they sold more exquisite skins and diamond-encrusted iPad covers but also more modestly sold shirts at £75 and sweaters for £1,000. Some members of the owning class seem to be managing despite the financial downturn. RD

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