Iconic luxury department store Harrods to open its first outlet location in a bid to shift excess stock that has built up in its store during the lockdown

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Iconic London-based luxury department store Harrods is opening its first outlet store.

The company said that the new location, which is opening in Westfield shopping center in Shepherd's Bush in July, will be devoted to selling this season's stock that has been trapped in its flagship store during the lockdown.

This is an industry-wide issue and many other retailers are being forced to offer steep discounts to clear excess inventory.

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Harrods one of the world's most exclusive luxury department stores announced plans to open its first outlet store in London as it looks to shift excess stock that has been building up during the lockdown.

The new outlet store will open in July in London's Westfield shopping center in Shepherd's Bush. See the rest of the story at Business InsiderNOW WATCH: Why thoroughbred horse semen is the world's most expensive liquidSee Also:The 17 best Peloton classes, according to power usersH&M's 2,500 furloughed workers from its Stockholm headquarters are set to return to work in JulyMacy's looks to raise 1.1 billion in bond offering as the pandemic ravages its businessSEE ALSO: Gucci announces plans to cut back to 2 fashion shows a year as the coronavirus pandemic ravages the luxury fashion industry

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