Record Christmas for Liberty

Iconic London department store Liberty has enjoyed a record Christmas as sales topped £5.6 million. Although sales were slow early in the four weeks to Christmas, they later picked up to end 6 percent higher than last year, despite a 20 percent cut in floor space. Last year, the company sold the part of the store that faces Regent Street for £70 million. “My team and I were delighted,” said chief executive Iain Renwick. “This stunning performance reflects customer response to Liberty ‘s very distinct offer.” He added that the company was “very pleased that we did this with the 20 percent less space. It is clear that the sale (of the Regent Street building) was the right decision for us.”

The store made more than £1 million in sales on 6 and 7 December. Renwick explained that the surge in sales was partly the result of a number of private shopping evenings the store held for its Liberty cardholders. The chief executive told the FT that retailers would fall into two distinct categories this Christmas: “the ones that held their own and did well, and those who are caught in the blancmange of the middle market.” Indeed, there have been reports of mixed results on the high street during the holiday period. While Woolworths issued a profit warning, John Lewis reported a rise in sales of 16 percent to a record £94.3 million. Many retailers whose results were not up to par complained of the relatively warm winter weather having an adverse effect on sales.

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