Harrods has kicked off a wide-ranging review of its branding and strategy, and is considering opening a luxury hotel on the roof of its iconic Knightsbridge store in London.
Harrods hired US management consultancy Boston Consulting Group to conduct a complete review of the business after it was bought by the Qatari royal family earlier this year.
Managing director Michael Ward told Drapers the review, which is set to be concluded by the end of the year, would re-evaluate the business’s branding, efficiencies and international opportunities.
He denied the review would include a restructure of staff but said a potential hotel opening was one of a number of options being considered.
He said: “Are we looking at it? Yes. Have we considered it? Yes. Is it something we would do? No plans have been put forward but it is one of them. There are a number of ideas of equal magnitude.”
According to sources, the plans for the hotel could also include the conversion of the store’s top floor, which currently houses its kidswear and its Way In young fashion department, into a restaurant.
The £1.5bn acquisition of Harrods by Qatar Holdings, the investment arm of the Qatari royal family’s sovereign wealth fund, in May brought to a close the colourful 25-year reign of flamboyant tycoon Mohamed Al Fayed.