Selfridges blames tourists for ongoing losses

Selfridges faced another difficult financial year. The British department store chain saw its turnover decline in 2024, partly due to a lack of tourists as wealthy American and Asian travelers are giving London a wide berth.

Luxury tourists avoid London

In the 48 weeks to January 4, 2025, Selfridges’ sales fell by 7% to 775 million pounds (904 million euros), compared to 835 million pounds (975 million euros) in the 53 weeks of the previous year. Although losses lowered from nearly 42 million pounds (49 million euros) to 16 million pounds (18.7 million euros), the group has not posted a pre-tax profit since 2019.