The luxury shop around the corner

Over time, certain retail truisms come to be regarded as almost axiomatic by those working in the sector. ‘Retail is detail’, ‘You can’t sell from the reserve’ and ‘You never did wrong by buying black,’ are just a few of these and of late, it would seem, ‘Luxury is immune to the downturn’ ought to join this pantheon of cliches.

Certainly, to judge by the move made around the corner by luxury purveyor Nicole Farhi last week, you might be forgiven for thinking that those operating in this rarefied part of the retail spectrum are indeed immune from the turbulent waters that many have been navigating this year so far. The facts might seem to speak for themselves.

The brand-cum-retailer has shifted from a single floor shop on New Bond Street measuring about 7,000 sq ft, to a roughly equivalent-sized space on Conduit Street, almost within shouting distance. The difference is that the new shop will, when it is finally finished, have six floors and in terms of rent it will be very significantly cheaper.

It is worth noting at this point that while, according to chief executive Niki Scordi, the project has involved spending a “seven-figure sum”, a return on investment is expected within three and a half to four years. The new store has involved a considerable amount of planning and consideration.

Prior to the arrival of its new incumbent, this was a two-floor store for Italian designer knitwear brand Krizia. Above this, there were offices and Scordi says that she and Farhi looked at the building, saw its potential as a flagship for the brand and then talked to the landlord. A change of use for the office space was negotiated and permission was granted for it to become a six-floor shop.

All of which sounds almost hard-nosed and perhaps shows that this luxury merchant is as commercial as, say Primark or H&M, when it comes to sizing up a property and working out how to turn a penny.

The other matter that should perhaps also be mulled is Scordi’s thought about the nature of luxury: “At a time when people are thinking quite carefully about what they spend their money on, luxury is about investment pieces. I’ve as much respect for the person who saves all year to come and buy something from us, as the customer who shops us regularly.” She adds: “In our market, quality is perhaps more important than frugality.”

Built for comfort

The store itself opened last week and is one of five standalone Nicole Farhi shops, all of which are in central, west or northwest (ie, Hampstead) London. It’s a bull-nosed building, with the entrance fitted into the curved part of this with three windows running away on either side. The frontage is in old brick and the Nicole Farhi sign above the door is a low-key matt silver affair. As such, it is much more restrained than many of its nearby rivals – this is not about flash and it does bear out Scordi’s statement that the merchandise and shop should feel “modern and comfortable, but not intimidating”.

Inside, the ground floor is principally about accessories (which occupy about 50% of the space) and everything on view, in terms of the fit-out that was undertaken by shopfitter Newman Scott, is bespoke. There is also a distinctly minimalist feel, but not in a white box with a few garments way. While this may have a pared back aesthetic, it is still a shop and rails are filled, but not crammed, and there is equipment in the mid-shop. The latter is comment-worthy for the beautifully engineered white tables with circular drawers at each end that pivot to open.

The floor is a mix of tiling and grey oak, combined in a manner to create a part-wood parquetry variant. This was, no doubt, very expensive to create, but still manages to avoid the trap of making you worried about treading on it.

And at the back of the ground floor, there is an open-fronted curved wood bookcase, dating from the some point in the middle of the last century. It’s composed of several parts and Scordi says that it can be reconfigured, depending on what is displayed on it. In this instance, it’s more accessories, bags and suchlike, but it does drawer the eye through the space.

It also happens to be for sale – as are all of the pieces of furniture that are scattered around the shop. Head down into the basement and it’s shoes and ‘Farhi’, a diffusion line, meaning that it is less expensive than the main offer, but still comfortably beyond the means of the everyday shopper.

As well as the mirrored perimeter with shelves and niches for shoes, the clothing is displayed on single rails around the wall and there is another statement piece of furniture. This time, it’s a good-looking indoor bench. It’s very long and is, once again, for sale… for a cool £80,000.

Setting the standard

And so to the final level that is currently open – the first floor. This is the menswear floor. Menswear represents about 30% of the Nicole Farhi business and this is a quiet space, not ostentatious, with good views out over Conduit Street through a floor-to-ceiling circular window at one end. More of the mid-floor units with the curved drawers and a sofa and large vintage mirror that are, presumably, at the better end of top-end when it comes to price.

Further floors are to be opened – Scordi says that this is a phased opening and that homewares will make an appearance later in the year as more space comes on-stream. Meanwhile, Nicole Farhi has a new flagship and one that will be a standard-bearer for the brand.

On the matter of expansion, the internet provides the clues. Pay a visit to the retailer’s website, go to the store locator and you’ll notice a drop-down menu for country. Hit this and nothing changes – Nicole Farhi standalone shops are only in the UK currently, although House of Fraser and Selfridges both give it a fair showing.

This is set to change, however, as the country menu might indicate, with stores planned for the US and the Far and Middle East over the next year or so. Which does rather raise the question why this is a London-only phenomenon when it comes to standalone shops. The answer is that London is the only place in this country where there are sufficient numbers of luxury retailers to provide a true destination.

It is also not all plain sailing when it comes to UK sales. Scordi says that there has been an increase against last year, but this is single rather than double-digit and she describes the UK as a “tough” market.

Nonetheless, there are numerous UK retailers who would probably be punching the air if figures of this kind were being achieved. The point perhaps is that this is a solid business and is as much a part of retailing as the value sector; it’s just different.

Having the kind of funds to throw at creating a store like this one, however, is by any standards a luxury. Nicole Farhi operated in its New Bond Street premises for 17 years. Given the money that has been spent, it would seem that it is in Conduit Street for the long term.