Selfridges PLC has four stores, one of which is the second largest in the UK. The essay will evaluate the key facts about the company and why they are important. This essay will cover the financial performance, marketing strategy and a SWOT analysis for Selfridges. The company is well known and unique because of its history and how it currently operates.
SWOT is an acronym for strengths, weaknesses, opportunities and threats. By analyzing the four topics, it is easier to inspect the current business situation. Once all the issues have been identified changes can be made in order to improve the company. The PEST analysis and other similar strategies can also be used in addition to the SWOT for further investigation and improvement.
Selfridges is located in the centre of London, on Oxford Street. After taking just 12 months to build, the store was opened on 15th March. Harry Gordon Selfridge, the founder of Selfridges wanted to build an American department store in London. The store supplied many products and services including, perfume, clothing, home appliances and jewellery. Selfridges is now a Public Limited Company which means it sells shares to the public.
Marketing strategy includes the products, pricing, promotions and relationship management. A way of remaining loyal to customers is by offering them a loyalty card, when the customer uses their Selfridges loyalty card they will receive one point for every pound they spend. Selfridges offer products which vary from luxury items to high street brands. On some occasion celebrities will visit the store and this attracts many customers on one single day. Selfridges also promotes the store by having sales which offer discount on items in order to attract the customer.
When Harry first bought the land where Selfridges would be built it cost him him $400,000 however in the 21st century the property...