Indie department store Psyche is to bolster its online presence and revamp its store after securing a £1.1m finance package.
The Middlesbrough store, which is celebrating its 30th anniversary this year, has signed a new agreement with Santander Corporate Banking. The deal includes a supplier payment facility, improving the speed and efficiency of payment, as well as the £1.1m loan.
Managing director Steve Cochrane said the cash was being spent on a revamp of the website, updating it with a cleaner look and offering access to the full product range, which will go live later this month.
Psyche has already started the in-store refurbishment, including new flooring and lighting, which is scheduled to be completed in October.
The retailer will also open a ‘World of Paul Smith’ shop-in-shop plus a separate ‘World of Armani’ store in September.
Cochrane added: “I want to have the size of a department store but the feel and the passion of a boutique. In order to stop people leaving the high street in their droves you’ve got to have a fantastic retail experience, fantastic product and the retail theatre.”