// Pandora MD Rasmus Brix says the business is looking to add up to ten new stores in Britain and the Republic of Ireland this year
// Last month the retailer revealed it would be opening a new concept store at the 70/88 Oxford Street development
Pandora is planning to add up to ten new stores in Britain and the Republic of Ireland this year.
The Danish jewellery retailer‘s managing director for the UK and Ireland Rasmus Brix told the Times “physical retail is here to stay,” and said one of the places its looking to significantly expand is the network is in Greater London.
Brix told the title four new shops would be located in London, with more expected to open in the capital in 2024.
One of the shops will be in the new 70-88 Oxford Street development, which is due to open this summer.
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The openings form part of the retailer’s wider global expansion plans.
Pandora said it expected more prime locations to be available because of the weaker economy, and that it was targeting between 50 and 100 net store openings this year.
Earlier this month the business posted “solid” trading as profits climbed 11.2% to £1.04bn in 2022.
The jewellery giant showed “good resilience” against macroeconomic uncertainty as sales jumped 7% to £3.16bn for the year to 31 December 2022.
Sell-out growth in the European market, which includes the UK, rose 2% despite “some pockets of macro-driven consumer weakness”.
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