In a bid to appeal to environmentally conscious and sustainable shoppers, luxury department store Selfridges has introduced an innovative concept called ‘The Stock Market’ in its Corner Shop space. This unique initiative allows customers to exchange, restore, or upcycle their clothing and accessories, promoting a circular fashion approach.
The Stock Market, inspired by the London Stock Exchange, features a trading floor-like atmosphere with 360-degree data-filled screens and desks. The concept encourages shoppers to enhance the value of their products by either repairing them or reselling them, catering to the growing demand for sustainable and eco-friendly shopping options.
Selfridges‘ target audience primarily consists of upscale shoppers, with a majority being females aged 25-34. By introducing this new concept, the luxury department store aims to attract customers who are increasingly concerned about the environmental impact of their purchases and are seeking more sustainable alternatives.
Customers participating in The Stock Market will have access to circular services such as Sojo, SneakersER, and The Handbag Clinic, as well as bookable upcyclers in residence who can provide upkeep on partially damaged goods. Tailoring and alteration services will also be available, along with resale and secondhand options overseen by expert authenticators.
This initiative is part of Selfridges’ season-long Worn Again store concept, which explores various retail ideas and collaborations centered around circular fashion. The Stock Market will be available at the Corner Shop until June 10, offering a series of concepts to be held at the department store.
Selfridges’ business model revolves around providing an exceptional customer experience and a differentiated customer offering, including exclusive products and services. By incorporating the concession model, the store allows brands to run their own shops, often outperforming the traditional wholesale model.
With the introduction of The Stock Market, Selfridges continues to innovate and adapt to the changing preferences of its target market, positioning itself as a leader in sustainable luxury retail.