The strategy, which chief executive Geoffroy de La Bourdonnaye told Retail Week was âsignificantâ, will begin with the launch of a customer magazine at the end of the month called At Liberty. He said the magazine would âattract a new segment of the populationâ to the retailer.
The biannual magazine will have a print run of 200,000 and will be distributed in the store, to account holders, in hotels and via other target magazines.
De La Bourdonnaye said luxury retailers were ânot immuneâ to the crunch and that he would ensure Liberty stocked a robust number of entry price-point brands, as its shoppers trade down.
The initiative coincides with a radical makeover of the retailerâs iconic Great Marlborough Street store in London, which includes doubling the space devoted to its womenswear offer.
Liberty, which incurred a one-off cost ofÂŁ900,000 during the first half to June 30 after restructuring its buying team, will increase its portfolio of exclusive and avant-garde brands under the direction of fashion adviser Yasmin Sewell.
De La Bourdonnaye said that the âturning pointâ for the retailer would come in spring/summer, when the changes would be felt and it will have âstarted a major marketing initiativeâ.
Last week, Liberty reported that losses in the first half had widened toÂŁ4.2 million, but de La Bourdonnaye said: âWe are bullish, but are facing a strong headwind. The only part of the business that needs serious restructuring is the flagship.â
He added that, in the economic downturn, Christmas will be âmore important than everâ and that the retailer would use a circus theme to âcreate a sense of excitement and fantasyâ and âplay on the child in everybodyâ.
âThere are a few things that people donât trade down on: holidays, gifts and family oriented events,â he said.
De La Bourdonnaye added that Japanese partners had expressed interest in replicating its standalone Liberty of London store in Japan.
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