Harrods, the iconic store has renewed its focus on advertising to optimize the revenue from different media they possess for advertising and promotion. They have created a new division, Harrods Media that will plan, manage and sell advertising on digital screens in-store, in the Harrods windows, on posters and displays, lift wraps, in the Harrods Magazine and iPhone app and on promotions and CRM. The new division will provide complete solution to its customers including the design of creative work and installation. The establishment of Harrods Media has been partly necessitated by the success of Harrods Magazine which according to the Audit Bureau of Circulations had an average circulation of 104,997 in the first six months of 2011.
Apart from the magazine that offers a lot of advertising space that has to be sold, Harrods owns 150 screen in-store digital display network, managed using Harris Systems. As part of the recent store refurbishment five new, large display walls have also been installed. Guy Cheston, director of advertising and sponsorship at Harrods believes that it was high time for Harrods to have a dedicated department and team to optimally utilize the extensive media portfolio they have created over the years. Harrods is not just a store but a credible media owner offering a range of promotional opportunities for advertisers.
Harrods Magazine is primarily distributed under their loyalty program to Harrods Rewards cardholders who spend over £2,000 a year in the store. They are also distributed extensively in different airports in the first class, business class and private-jet lounges. The magazine is also distributed in cruise liners and luxury hotels. The magazine has a cover price of £3 for those who want to buy it. Harrods Media also prints a mini version of the magazine which is primarily meant to be distributed amongst Harrods Rewards cardholders who spend between £500 and £1,999 a year.