February 18, 2015
Foyles sales are up 2.2%, though the new flagship store was “quite costly”
by Kirsten Reach
We hardly need to tell you that moving is expensive. But family-owned bookseller Foyles has just moved from its storied space after 85 years. The company’s end-of-year numbers reflect that cost. (Imagine the book boxes!) They also indicate that the new stores are off to a strong start.
Last year the bookseller opened a flagship store on Charing Cross Road, and closed two small outlets. The transition cost the company £600,000, but the flagship store had an enormously successful holiday season. According to reports released this weekend, sales for last year have actually increased by 2.2%. But in the month of December, they were up 8.1%.
Sam Husain, the chief executive, called last year a “period of change and consolidation.” He also told The Guardian, “The store at Waterloo station is absolutely thriving and the new flagship is also beating all our expectations.”
Paul Currie, former COO of Hamley’s, will take over as chief executive of Foyles when Husain retires this year. He plans to expand the online store well beyond the edges of London, according to Sarah Butler at The Guardian. (You can learn more about Husain’s eight years at the store and what this means for Foyles here.)
Kirsten Reach was an editor at Melville House.