Fenwick, a renowned department store, has strategically appointed new leaders to navigate a challenging retail environment.
- The company has introduced Susan Gordon as Chief People Officer and Joseph Wright as Chief Trading Officer.
- These appointments are aimed at reinforcing Fenwick’s executive structure and boosting commercial and omnichannel strategies.
- Despite reporting financial losses, Fenwick is optimistic about future growth, driven by reinvestment and strategic initiatives.
- Fenwick has reported improved performance in certain sectors, notably food and beverage, showcasing resilience even in trying times.
Fenwick, a prominent name in the department store sector, has recently made strategic leadership appointments to address ongoing challenges in the retail environment. Susan Gordon has been appointed as the new Chief People Officer, while Joseph Wright steps in as the Chief Trading Officer. These changes are part of Fenwick’s broader aim to strengthen its executive structure, a move anticipated to enhance both its commercial objectives and its omnichannel strategy.
Susan Gordon joins Fenwick bringing a wealth of experience, having previously held the position of Chief People and Legal Officer at Hush. Her extensive background in HR will be instrumental in her new role. Joseph Wright, previously the Channels Director at Ann Summers, also brings robust retail experience to Fenwick, with past tenures at Selfridges, Dobbies, and Cath Kidston, which are expected to play a crucial role in driving Fenwick’s operations and digital strategies.
The announcement of these leadership changes coincides with Fenwick’s financial update for the 2023 fiscal year, which reveals a pre-tax loss of £28.4 million, a stark contrast to the prior year’s £57.1 million pre-tax profit. This previous profit was largely attributed to a one-time gain of £97.5 million from the sale of the Bond Street store, classified as an “exceptional item.” Consequently, the company’s operating loss slightly increased from £39.1 million to £39.8 million, framed within the context of a “challenging retail environment.” Meanwhile, turnover reduced from £199.7 million in 2022 to £184.2 million in 2023.
Despite these financial setbacks, Fenwick remains optimistic about growth prospects. The company reports a “positive impact” from strategic reinvestments following the Bond Street store sale, which have fortified its business model. Sian Westerman, Chair of Fenwick, expressed confidence in the new leadership appointments, highlighting their extensive experience and potential to invigorate the company’s HR and trading divisions. Moreover, the performance in food and beverages has been encouraging, with single-digit growth noted within its restaurant sector and its proprietary food range, further supported by successful initiatives like the Bistro Greggs pop-up and collaboration with Newcastle United.
This strategic focus and leadership refresh are expected to aid Fenwick in navigating current challenges while positioning itself for future growth.
Fenwick’s commitment to strategic leadership and reinvestment signifies its determination to overcome existing challenges and pursue growth effectively.
