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![\"Fenwick](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/01\/Fenwick_department-stores_Newcastle_supplied-768x512-1-696x464.jpg\" "\\"Fenwick\\"\/")
\/\/<\/span> Fenwick CEO John Edgar says that cities other than London can only support one department store<\/h6>\n\/\/ <\/span>The retailer is eyeing new stores but wants to be \u201cthe only show in town\u201d<\/h6>\nFenwick CEO John Edgar has said the days of having multiple department stores in cities are gone as the market can no longer withstand it.<\/span><\/p>\nEdgar told The Telegraph that there are cities where the department store \u201cwould love to be \u2013 but someone else is already there\u201d.<\/span><\/p>\nHe said: \u201c<\/span>The days of two, or three or even more department stores in a city are gone. I don\u2019t think the markets are big enough and I don\u2019t think they ever were. So if another retailer were to come out of a market where we could see an opportunity, I think we\u2019d really seriously consider it.\u201d<\/span><\/p>\nThe nine-store department store is set to close its Bond Street store, which Edgar revealed was only its fourth largest store, in the face of steep department store competition in the capital.<\/span><\/p>\nHe said: \u201cOur model is that we want to be the only show in town. You can get things with us that, largely, you can\u2019t get anywhere else in that location.\u201d\u00a0<\/span><\/p>\nThe department store boss added that the government\u2019s decision to axe VAT-free shopping has also hit retail in London as tourists can now get the same items for cheaper in Paris or Milan.<\/span><\/p>\n\u201cI could be the richest man in the world, but if I\u2019m in Paris and I can get something 20% cheaper there than I can in the UK, then I\u2019ll buy it in Paris.\u201d<\/span><\/p>\nHe joins a raft of luxury retailers have lashed out at the government\u2019s decision to end VAT-free shopping, which they say is impacting the UK\u2019s appeal to tourists.<\/p>\n
Earlier this year, Mulberry revealed it was closing its Bond Street store after trade was hit due to the withdrawal of the policy.<\/p>\n
A Mulberry spokesman said at the time: \u201cThe lack of VAT-free shopping in the UK has been particularly felt on Bond Street, which has always been an iconic shopping destination for tourists. The decline in visitors has impacted footfall and sales.\u201d<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/p>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nFenwick\u2019s eyes new stores<\/h3>\n
Edgar revealed that Fenwick is actively seeking locations in a number of cities outside of London but declined to tell the newspaper where they were.<\/span><\/p>\n\u201cWe don\u2019t want lots and lots of locations,\u201d he said. \u201cI think that was part of the problem with some of the department stores which don\u2019t exist anymore, that they just had too many sites, so we want to be very discerning on where we\u2019re choosing and making sure it is absolutely the right location in absolutely the right market.\u201d<\/span><\/p>\nIn its last financial year to 28 January 2022, Fenwick\u2019s gross sales surged 71% to \u00a3240 million in the year to 28 January as operating losses were more than halved from \u00a345 million to \u00a318.3 million as it moved away from discounting.<\/span><\/p>\nEdgar revealed to The Telegraph that the department store is in talks about lowering the prices of some of its products in contrast to rivals that had hiked prices.<\/span><\/p>\n
Fenwick CEO John Edgar has said the days of having multiple department stores in cities are gone as the market can no longer withstand it.<\/span><\/p>\n Edgar told The Telegraph that there are cities where the department store \u201cwould love to be \u2013 but someone else is already there\u201d.<\/span><\/p>\n He said: \u201c<\/span>The days of two, or three or even more department stores in a city are gone. I don\u2019t think the markets are big enough and I don\u2019t think they ever were. So if another retailer were to come out of a market where we could see an opportunity, I think we\u2019d really seriously consider it.\u201d<\/span><\/p>\n The nine-store department store is set to close its Bond Street store, which Edgar revealed was only its fourth largest store, in the face of steep department store competition in the capital.<\/span><\/p>\n He said: \u201cOur model is that we want to be the only show in town. You can get things with us that, largely, you can\u2019t get anywhere else in that location.\u201d\u00a0<\/span><\/p>\n The department store boss added that the government\u2019s decision to axe VAT-free shopping has also hit retail in London as tourists can now get the same items for cheaper in Paris or Milan.<\/span><\/p>\n \u201cI could be the richest man in the world, but if I\u2019m in Paris and I can get something 20% cheaper there than I can in the UK, then I\u2019ll buy it in Paris.\u201d<\/span><\/p>\n He joins a raft of luxury retailers have lashed out at the government\u2019s decision to end VAT-free shopping, which they say is impacting the UK\u2019s appeal to tourists.<\/p>\n Earlier this year, Mulberry revealed it was closing its Bond Street store after trade was hit due to the withdrawal of the policy.<\/p>\n A Mulberry spokesman said at the time: \u201cThe lack of VAT-free shopping in the UK has been particularly felt on Bond Street, which has always been an iconic shopping destination for tourists. The decline in visitors has impacted footfall and sales.\u201d<\/p>\n Subscribe to Retail Gazette for free<\/strong><\/p>\n Sign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\n Edgar revealed that Fenwick is actively seeking locations in a number of cities outside of London but declined to tell the newspaper where they were.<\/span><\/p>\n \u201cWe don\u2019t want lots and lots of locations,\u201d he said. \u201cI think that was part of the problem with some of the department stores which don\u2019t exist anymore, that they just had too many sites, so we want to be very discerning on where we\u2019re choosing and making sure it is absolutely the right location in absolutely the right market.\u201d<\/span><\/p>\n In its last financial year to 28 January 2022, Fenwick\u2019s gross sales surged 71% to \u00a3240 million in the year to 28 January as operating losses were more than halved from \u00a345 million to \u00a318.3 million as it moved away from discounting.<\/span><\/p>\n Edgar revealed to The Telegraph that the department store is in talks about lowering the prices of some of its products in contrast to rivals that had hiked prices.<\/span><\/p>\nFenwick\u2019s eyes new stores<\/h3>\n