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Friday 5
Resellfridges
20 August, 2020
Throughout lockdown, many places have become busier – parks, baking aisles in the supermarket, and the virtual pub. But one place that has become eerily quiet is the local high street.
Even very recently, despite restrictions being eased, the number of visitors to UK retail destinations dropped by 39.4% in July, compared with the same month a year ago. It’s no wonder that retailers have been suffering, with M&S, Debenhams, Boots and John Lewis all having made big cuts to their headcounts.
With lots of questions about how the retail sector will recover, we were particularly interested to come across Selfridges’ new approach – attempting to ‘reinvent retail’ with a strategy focused around a circular economy. Among its new commitments and services, it will launch ‘Resellfridges’ – an instore (and online) service allowing customers to buy vintage and modern items from its own-brand labels, and launch a Repair Concierge service that signposts customers to the most appropriate local repair services. It has also committed to sourcing all high-impact materials used throughout the business from suppliers with third-party sustainability certifications by 2025.
In normal times, this would be lauded for its comprehensive approach, clear focus, and for leveraging its partnerships. However, in the current retail climate, this has the added bonus of incentivising customers to, both, come to its stores, and to then return further down the line.
Pressure on resources is growing, customers are starting to better understand the impact of their purchases, and now retailers are desperate to try to recover their decimated footfall. If ever there was a good time to embrace circularity, this is it.
By Patrick Bapty