Following the news that the UK’s most iconic luxury department store Harrods, is axing nearly 700 jobs in a bid to cut down on costs after being hit hard during the pandemic, Andy Barr, retail expert and co-founder of online price tracking website www.alertr.co.uk, commented: “It seems the big-name stores are taking the biggest hit during the UK lockdown. This is a store you definitely wouldn’t expect to be axing jobs due to the luxurious nature of Harrods and the often-wealthy clientele that purchase their goods there.
“However, Harrods is also known as a tourist spot for many who do travel to the UK so the lack of international travel would have drastically affected their profits. With shops now able to open, hopefully the store will see a pickup in trade but this news does go to show that even the most prestigious shops and brands have been affected by the pandemic. Hopefully by making these cuts now, they can stay afloat until international travel returns to normal, whenever that may be.”