A wave of retail closures is sweeping across the UK, with several prominent stores shutting down their doors by the end of this weekend. The closures are part of a larger trend, with more closures expected in the coming months. At least six retailers have confirmed the loss of select locations, spanning supermarkets, DIY, and stationery stores.
The Centre for Retail Research attributes the closures to the rising cost of property. They explain that while high occupancy costs were once seen as a positive for retailers, the changing economic landscape of retail has made them unsustainable. Multiple stores, which were once able to afford these high costs due to efficient operations and high profits, are now facing much lower profits and sales, making the costs unsustainable.
This weekend, Marks & Spencer, Wickes, and Starbucks will join the list of retailers closing select branches. Marks & Spencer will be closing its Redhill store in the Belfry Shopping Centre, a move that has been anticipated since its announcement in June. The closure comes as part of the company’s plan to close “lower productivity” stores in a bid to streamline its portfolio.
These closures are a clear sign of the challenges facing the retail sector, with rising costs and changing consumer behavior putting pressure on businesses to adapt and survive. The coming months are likely to see even more closures as retailers grapple with these challenges.
