Gazing into Selfridges’ spectacular Christmas window displays you would not think anything was awry at the 114-year-old West End landmark.
This year the theme is “Showtime!” gushingly described as “a theatrical extravaganza loaded with festive drama and delight, inspired by the glamour of the stage”. Trading is said to be strong with sales at the Christmas shop up 50% on last year.
Behind the scenes however there is a less than festive mood in the boardroom at 400 Oxford Street. After almost 20 years of stable and skilful stewardship under the ownership of the Weston family, the future for Selfridges suddenly looks uncertain.
One of two shareholders that acquired the department store last year, Austrian property company Signa Holding, is caught in the throes of a debt and leadership crisis that is likely to put its 50% holding “in play”. Signa looks in deep trouble — it reportedly stopped paying the wages of workers building the Elbtower skyscraper in Hamburg last week — and is likely to be put in the hands of restructuring specialists.
It is all a new and unwelcome experience for management and staff at Selfridges after the remarkable successes of the Weston years. Insiders say that the turmoil has no impact of trading or operations and Christmas preparations are in full swing.
That is undoubtedly true. Yet Selfridges has built its reputation on eye-catching innovation and investment in glamorous new experiences. However, ambitious plans such as a luxury hotel and apartments pledged by Signa bosses earlier this year appear to have run into the sand — for now at least.
Selfridges is not in any danger and will probably enjoy a bumper Christmas.
But these are unsettling times for one of London’s glittering retail jewels.
