London department store Liberty is to retain its historic Regent Street shop front after today unveiling improvements worth £4m.
Retail Stores, which was formed to buy the outlet in July, had planned to let out the Regent Street part of the store to another retailer. But that decision has been reversed after new chief executive Fiona Harrison carried out a review of the company’s operations.
She said Retail Stores would develop the Liberty name by creating a luxury goods brand recognised by shoppers around the world. Harrison said today: “Retaining our presence on Regent Street is a key part of the strategy for developing Liberty.”
In order to focus on the Liberty brand, the store will end its mail-order and e-commerce operations and discontinue its high fashion collection. As part of the £4m investment, Retail Stores will spend the next nine months refurbishing the Regent Street part of the store.
Trading will continue as normal at Liberty’s mock-Tudor building, where a two-year programme of improvements is planned to begin next year.
Harrison took the helm at Retail Stores in November having spent seven years as chief executive of Coats Viyella’s fashion retail division. She added: “During the course of this year, we will be redefining our merchandise mix throughout the store.”
A spokesman said that would mean fewer non-Liberty branded products: “The idea is to convert from a general department store into a luxury goods one with the emphasis on the Liberty brand.”
Retail Stores is 68% owned by the property group Marylebone Warwick Balfour.
EGi News 07/02/01
