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The risks of putting all your eggs in the Bond Street basket have been exposed in the latest financial results from Wempe, which saw sales slump by 33% from £17.9 million to £12 million.
The German retailer posted its first operating loss in more than a decade with a £394,000 deficit.
Wempe is a stalwart of Bond Street with its multibrand showroom anchored by Rolex and Patek Philippe.
Since 2018, Wempe has also run an A. Lange & Sohne boutique on the same street.
While most retailers managed to keep selling when stores were forced to close by the government’s covid response, it appears the first lock down in the second quarter of last year saw all retail activity halted by Wempe.
By the time of the second lock down at the end of 2020, the company had a system that allowed it to continue selling even with stores closed.
This allowed the business to return to profit by March 2021, the company states in a strategic review accompanying its accounts.