Harrods has proven that deep-rooted tradition and continued innovation are key to win the retail race, with the famous 170-year old landmark beating others as the world’s best-performing luxury department store.

The historic building on Brompton Road in London’s Knightsbridge made sales of £2.1 billion in the year ended February 2018, up by 6.8% on the prior year.

Selfridges and Liberty were also named in the top five, with the renowned British luxury department stores getting a boost from high-spending tourists looking to pick up shopping bargains as a result of the weaker pound.