Austin Reed hoping for second half boost
Sales still lower for clothing retailer
May 24 2003
Clothing retailer Austin Reed is waiting for its refurbished Regent Street store to give the business a lift.
The store, which accounts for 18 per cent of total selling space for the UK fashion retailer is on schedule, with new entrances and the ground floor north due to reopen in June and the project completed in August.
However, in the first 16 weeks of the financial, sales fallen as a result of refurbishment, as well as due to a downturn in the City of London and airport stores.
The Country Casuals brand has also been affected by weaker demand in the quality classics womenswear sector, said the company. Overall, sales for the 16 weeks are 9 per cent below last year.
The new Austin Reed regional flagship store in Manchester opened on May 1, with two more stores and seven concessions planned for the remainder.
Austin Reed told its annual meeting that results for the full year will be dependent on trading in the second half and the successful relaunch of the Regent Street store.
