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Selfridges announces radical business model shake-up with new ‘repair, resell, refill and rental’ services

SELFRIDGES

Department store Selfridges has announced its intention to introduce “repair, resell, refill and rental” services as a core part of the company’s offering to customers.

This, it said in a statement, is in order to benefit its wider mission of sustainability, and will be a part of its newly revealed ‘Project Earth’ initiative, with a “commitment to change the way we shop by 2025”.

In a statement, the company wrote: “Selfridges aims to help customers change the way they shop in three ways: by addressing the materials used in products, launching and exploring new retail models such as repair and resell, and engaging with teams, partners and customers to inspire a shift in mindsets.”

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The repair, resell, refill and rental services mentioned will centre around fashion, including jewellery.

Alannah Weston, Selfridges Group chairman, said: “For the last decade we have taken ground-breaking steps to put people and planet at the heart of our business, embedding sustainability alongside creativity. Project Earth is not only our bold, new commitment to stretching environmental targets, it is about imagining new ways to do business, within the next five years.”

Aside from making changes for environmental reasons, though, it would appear that the business is looking to open new streams of revenue in order to counterbalance the losses it has seen during the coronavirus pandemic.

Like other department stores, Selfridges has had to make cutbacks since the outbreak of Covid-19.

Less than three weeks ago it announced plans to cut 450 jobs. Read more below:

Selfridges axes 450 jobs due to lockdown losses

Tags : RetailSelfridges
Sam Lewis

The author Sam Lewis

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