The strategy, which chief executive Geoffroy de La Bourdonnaye told Retail Week was “significant”, will begin with the launch of a customer magazine at the end of the month called At Liberty. He said the magazine would “attract a new segment of the population” 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 “not immune” 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 retailer’s iconic Great Marlborough Street store in London, which includes doubling the space devoted to its womenswear offer.
Liberty, which incurred a one-off cost of£900,000 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 “turning point” for the retailer would come in spring/summer, when the changes would be felt and it will have “started a major marketing initiative”.
Last week, Liberty reported that losses in the first half had widened to£4.2 million, but de La Bourdonnaye said: “We are bullish, but are facing a strong headwind. The only part of the business that needs serious restructuring is the flagship.”
He added that, in the economic downturn, Christmas will be “more important than ever” and that the retailer would use a circus theme to “create a sense of excitement and fantasy” and “play on the child in everybody”.
“There are a few things that people don’t trade down on: holidays, gifts and family oriented events,” 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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