Harvey Nichols is to focus on a retail expansion to the near and far East in the hope of increasing sales whilst their stores at home suffer in the economic downturn. The Knightsbridge-based retailer plans to open a store in the Turkish capital, Ankara, and has signed a deal with Demsa, a Turkish investment group.
In the face of sluggish demand from customers at its seven stores in Britain and Ireland, Harvey Nichols is also eyeing Brazil and Russia. It has already agreed to open in Kuwait. Joseph Wan, chief executive, believes the UK retail market could remain under pressure for “four or maybe five years”.