The UK’s high street is bracing for another wave of closures this week, adding to the mounting pressure on struggling businesses. Following a weekend that saw Homebase, Pizza Hut, Clarks, and WHSmith shutter stores for good, two fashion giants, New Look and Bonmarché, have announced the closure of long-standing branches.
New Look, with its 364 stores across the UK, is closing a 30-year-old branch in Gillingham, Kent. The store on High Street will close its doors for the final time on Tuesday, September 17th. The decision comes after the unit hosting the store was listed for rent by estate agents Crosthwaite Commercial, but the listing was subsequently removed. While customers in the Medway area will have to visit the Hempstead Valley Shopping Centre branch, they can also shop online for the full range of products.
Meanwhile, Bonmarché, the well-established fashion brand, will shut its doors for the last time in Arnold, Nottingham, this Sunday, September 22nd. The closure is reportedly due to increased rent demands from the retail unit landlord. Local MP Michael Payne expressed disappointment, emphasizing the store’s importance to the community, particularly for those with limited mobility who rely on its services. Despite the closure, Bonmarché, which experienced a period of administration in 2019, has seen a resurgence in popularity and plans to open new branches in the next 18 months.
The closures come on the heels of a bleak period for UK retail, with research from PwC reporting a staggering 7,000 store closures in the first six months of 2023 alone. This trend extends to restaurants as well, with TGI Friday’s facing an uncertain future. The UK branch of the chain’s parent company, Hostmore, failed in its bid to acquire the American TGI brand, raising concerns about its ability to remain competitive. Furthermore, a decline in UK sales by over 10% over the past year has fueled speculation about the fate of its 85 branches. While all UK TGI Friday’s restaurants currently remain open, several locations could face closure in the coming months.
The closure of high street stores and restaurants raises concerns about the changing landscape of shopping and dining in the UK. The rise of online shopping and the challenges faced by brick-and-mortar businesses have contributed to a shift in consumer behavior. The impact on local communities, particularly those reliant on these businesses for employment and services, cannot be overlooked. As the high street continues to evolve, it remains to be seen which retailers will thrive and which will be forced to adapt or succumb to the changing tides.
