Exclusive: Department store group Fenwick has drafted two new senior executives to its top team and is looking forward to “an exciting new period of growth” despite falling sales and deepening losses in a “challenging retail environment”.
Retail Week can reveal that Fenwick has named Susan Gordon as its new chief people officer alongside Joseph Wright as its new chief trading officer.
The new appointments, alongside new chief executive Nigel Blow who was appointed earlier this year, are expected to “strength the Fenwick executive structure” as well as boost its commercial targets and omnichannel strategy.
Gordon joins the business from her role as chief people and legal officer at Hush, having also previously held several senior roles in HR departments during her career.
Wright joins from sex toy and lingerie retailer Ann Summers where he was most recently channels director. He also worked at Selfridges, Dobbies and Cath Kidston.
The news comes alongside Fenwick’s latest trading update for the 2023 full financial year, which saw the department store post a pre-tax loss of £28.4m, down from a pre-tax profit of £57.1m the previous year.
Fenwick said despite the significant drop in profit year on year, last year’s profit included £97.5m considered an “exceptional item” from the sale of its Bond Street store.
Fenwick’s operating loss also increased slightly from £39.1m to £39.8m in what the business called a “challenging retail environment”.
Turnover at the business also dipped from £199.7m in 2022 to reach £184.2m in 2023.
Despite this, the department store said it has seen a “positive impact” from its reinvestments since the sale of Bond Street that have “strengthened the Fenwick business model”.
Fenwick highlighted a “strong performance” across its food and beverage department during the year, with single-digit growth across its restaurants as well as the expansion of its own-brand food offer.
The group also saw single-digit growth across beauty and hailed the success of initiatives including its Bistro Greggs pop-up and retail partnership with Newcastle United.
Fenwick said it has carried this momentum in 2024 so far and added it has seen “plenty of exciting activity”.
Fenwick said in a statement that with the new appointments and the opening of its new £40m beauty hall in its Newcastle flagship among other initiatives, it is “primed to enter an exciting new period of growth”.
Chair Sian Westerman said: “At the heart of Fenwick are our customers and our people. That is why I am delighted that Susan Gordon and Joseph Wright will be joining the Fenwick executive team in November, in the new roles of chief people officer and chief trading officer respectively.
“As announced in July, these new roles will further strengthen the reorganised executive structure and deepen our commitment to unique customer experiences and enhanced omnichannel strategy.
“Susan will join Fenwick having worked with us in a consulting capacity over the past five years, and we are excited for her to bring her HR and legal experience to the role. Joseph will arrive at Fenwick following a long career of retail experience, leading previous companies to deliver their operations and digital strategies.
“To have two such accomplished individuals join Fenwick, in addition to Nigel Blow, who will join in October as our new chief executive, is extremely exciting.
“I am also encouraged by the financial performance of Fenwick in 2023, especially given the challenging circumstances across the sector.
“This momentum has been as a result of the significant investment that has taken place following the sale of the Bond Street store to strengthen our business model and expand our omnichannel approach online and in-store.”
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