Selfridges has introduced another initiative this week underlining its focus on eco issues and on doing things differently from the department store herd, with the unveiling of what it calls The Stock Market at its key Corner Shop in its Oxford Street, London flagship.
Inspired by financial stock exchanges, The Stock Market Selfridges-style will allow consumers to value and exchange pre-owned items, as well as getting them repaired or upcycled.
The Corner Shop is no stranger to new and quirky ideas but this is one of the most unusual yet and underlines the luxury retailer’s previously stated aim of a big chunk (45%) of its business being accounted for by circular services as soon as 2030.
Running until 10 June, it comes as a key part of the Worn Again season that the retailer recently launched, which comprises circular shopping experiences.
But in line with Selfridges’ equally strong commitment to ‘retailtainment’, it comes with something out of the ordinary.
In this case it’s stock exchange-style rotundas and data-filled ‘trading screens’ designed to add interest and an element of fun to the whole experience.
“The trading window is open at The Stock Market. Our stockbrokers are ready to introduce you to our resident tailors, upcyclers, luxury bag repairers, valuers and resellers,” the company said. “They’re all here to help you discover the value of the clothes and accessories you already own. Think of it as trading with your own wardrobe – instead of buying new, you’re adding value to your existing investments or selling them back to us for Selfridges credit.”
Those stockbrokers are there to guide visitors about what they can do with their products (that is, keep them, resell them, upcycle them, get them restored). They can make bookings for services from its ‘Upcyclers in Residence’. Or they can connect visitors in-store to the brands also taking part in the Stock Market.
They include SOJO, SneakersER, The Handbag Clinic and Vintage Threads.
SOJO, for instance, is a repair specialist, founded by Josephine Philips as recently as 2021 as the UK’s first app for alterations and repairs.
Visitors to the Stock Market will be able to drop off repairs and alterations that are bookable via an online portal. Customers will get a 20 minute consultations with one of SOJO’s experts to discuss their tailoring and repair needs.
That could mean shortening and lengthening items, waist cinching, upsizing, zip replacement, denim patching, repairing holes in knitwear, and more. Pricing for services starts from £5.
And Sneakers ER’s booth values shoes and allows shoppers to sell them back in exchange for store credit. It also offers restoration services, including expert cleaning and lace replacement.
Meanwhile, Vintage Threads’ authentication service will look at any item of clothing, give a valuation and may buy back select pieces, also in exchange for Selfridges store credit. They offer upcycling and dyeing too and have an assortment of vintage pieces available to shop.
And The Handbag Clinic is a one-stop shop for luxury bag resale, offering authentication, valuation and restoration services. Visitors can potentially both sell their secondhand luxury bags in exchange for Selfridges store credit or buy one from their curated assortment.
Copyright © 2023 FashionNetwork.com All rights reserved.