The Knightsbridge store has contacted The Haystack Group to help draw up a list of agencies. It is likely that three agencies, including Harrods' roster pairing of Ogilvy & Mather and Euro RSCG London, will take part in the final presentations.
O&M was added to the Harrods roster in December. The agency won the majority of the business, previously handled by Leagas Delaney, on a project basis.
Its debut work, which was unveiled earlier this year, was a press campaign to launch Harrods' contemporary fashion room, The Designer Studio.
At the same time, Euro RSCG London was awarded the creative brief to develop the store's January sale advertising campaign.
Leagas Delaney had been given the first attempt at the brief, but its ideas were rejected and Harrods went ahead with a competitive pitch.
Harrods is holding the latest review because it wants to consolidate the account into a single agency after a year which has seen it use a number of separate shops.
Separately, the store is issuing a brief for a brand and design agency as part of an overall reassessment of its communications strategy.
The Harrods management team underwent a restructure in 2003, following the appointment of Richard Simonin, from the luxury product group Escada, as its chief executive.
Henk Cohen was made the chief operating officer and Anne-Marie Verdin was installed as the marketing and communications director.
Media planning and buying, which is currently handled by PHD, is not thought to be affected by the review.