The news came as newly-appointed chief executive Peter Williams unveiled a strong set of results for the year ended 1 February 2003. Overall sales were up 10.6% at £444.9 million ($710 million) and profit before tax up 8.2% at £40.7 million ($65 million).
Williams said the success of the new Manchester store on Exchange Square had renewed his confidence in the regional expansion strategy. Exchange Square is already achieving sales densities of £300 ($480) per sf, while the earlier Manchester branch at the Trafford Centre is generating £400 ($640) per sf. "These are both way in excess of what any other department store achieves outside London," Williams said.
The medium-term target is to develop a chain of eight stores across the UK which would give Selfridges 1.7 million sf of sales space, against 700,000 sf today. "We'll reduce our dependence on London," said Williams. "Eventually two-thirds of our space and half of our sales will be outside London."
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