Latest news with #retailclosure
The Sun
24-05-2025
- Business
- The Sun
Major coffee shop chain with over 1,000 venues across the UK suddenly closes branch with hastily-stuck sign on its door
A HUGE coffee chain with more than 1,300 UK branches has shuttered one of its high street shops. Starbucks abruptly pulled the plug on its coffee house in Headington, Oxford. 1 The location on the town's London Road notified punters that the "shop is now closed" on a store window sign. The coffee giant first waved in customers in October 2007. It is unknown why Starbucks decided to close down the location. Starbucks now has two remaining locations in Oxford, according to its website, which are located on Cornmarket Street and Westgate Shopping Centre. The Sun Online has reached out to Starbucks for comment. In April last year, Starbucks announced the closure of one of its Reading cafes, leaving some shoppers "shocked". And in March 2024, locals were saddened to hear their Dalton Park store, in Murton, Country Durham, would be closing down in hours. RETAIL APOCALYPSE Both independent and industry giants have been struggling with rising costs and reduced footfall over the past few years. Dozens of shops are set to close across the country before the end of the month in the latest blow to UK high streets. Just a few months into 2025 and it's already proving to be another tough year for many major brands. Rising living costs - which mean shoppers have less cash to burn - and an increase in online shopping has battered retail in recent years. Shock Closure: Fisher Tours Ends Operations After 22 Years In some cases, landlords are either unwilling or unable to invest in keeping shops open, further speeding up the closures. Smiggle isn't the only stationary shop shutting its doors, more WHSmiths stores are set to close in the next few months. The huge sports retailer, Sports Direct is axed its Newmarket Road store in Cambridge on April 18. Whilst, Red Menswear in Chatham in Medway, Kent, shut for the final time on Saturday, March 29, after selling men's clothing since 1999. A couple months ago, Essential Vintage told followers on social that it would be closing down after they had been "priced out" because of bigger players in the market such as Vinted. Jewellery brand Beaverbrooks is also shutting three shops early this month. New Look bosses made the decision to axe nearly 100 branches as they battle challenges linked to Autumn Budget tax changes. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. This equates to about 91 stores, with a significant impact on New Look's 8,000-strong workforce. It's understood the latest drive to accelerate closures is driven by the upcoming increase in National Insurance contributions for employers. The move, announced by Chancellor Rachel Reeves in October, is hitting retailers hard - and the British Retail Consortium has predicted these changes will create a £2.3billion bill for the sector. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
The Sun
17-05-2025
- Business
- The Sun
Town centre cosmetics store launches 50% off closing down sale and shutters come down in DAYS
A BELOVED hair and cosmetics store is set to close for good within days - and has launched a 50 per cent closing-down sale. Shoppers in Norwich will have to look elsewhere after a popular cosmetics store announced it will close in a matter of days. ADOB, in Derhemn Road, will pull down its shutters for good on May 20 - seven years after it first opened. Desire Matembera, the shop's owner, revealed that rising rent prices was the main reason for the store's closure. Despite having a loyal customer base throughout the years, ADOB failed to generate enough revenue to stay afloat. Shoppers have been met with handwritten signs announcing the store's 50 per cent closing-down sale until Tuesday. It comes after a major high street name confirmed it will be shutting after four decades – and locals fear it's another blow to their struggling town centre. Superdrug will be closing its store in Grantham after over 40 years of trading on August 9th. The health and beauty chain, which has more than 830 shops across the UK, will lose yet another store, with locals already mourning the loss. One upset shopper took to Facebook to break the news, writing: 'Heard the sad news today that Superdrug will be closing down. Been in Grantham for over 40 years. This town is dying.' Dozens of others echoed the sentiment, with one saying: 'So sad. Grantham will have nothing soon.' Another added: 'Be empty shops everywhere soon x' OTHER RETAIL CLOSURES Beales, one of Britain's oldest department stores, has launched a closing down sale before it shuts its last remaining shop after more than 140 years. The company will shut its branch in Poole's Dolphin Centre on May 31. The sale includes fashion, furniture, gifts and cosmetics, being sold for up to 70% off. Elsewhere, high street fashion chain New Look has begun to close stores as it scales back its UK footprint. It is understood to be shutting nearly 100 stores - equivalent to around a quarter of its 364 shops. Stores in Gateshead, Tyne and Wear, St Austell, Cornwall and Porth, Rhondda Cynon Taf have launched closing down sales. Reports suggest that the company has been forced to accelerate the pace of store closures due to tax changes in the Autumn Budget. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
The Sun
16-05-2025
- Business
- The Sun
Major discount store with 178 shops confirms it will shut ANOTHER site as future of dozens of stores hangs in balance
A MAJOR retailer with 178 stores is shutting another location in weeks as the future of dozens more hangs in the balance. The Original Factory Shop (TOFS) in Peterhead, Scotland, will pull down its shutters for the final time next month. 1 The closure comes just weeks after the retailer's owner, Modella Capital launched a restructuring effort to renegotiate rents at 88 of its stores. The Peterhead store is likely to close in June, according to a store member, The Press and Journal reports. The retail unit has also been listed for rent on property consultancy website TSA Property Consultants. Shoppers and locals finding out the branch is shutting for good have been left gutted. One said on Facebook: "I feel for the staff, they are always very nice." Meanwhile, a third added: "Not long opened." It comes as two other TOFS stores are set to shut - one in Milford Haven, Wales, and another in Staveley, Derbyshire. The Staveley store will welcome in customers for the final time on July 12 while an exact closure date has not been confirmed for the Milford Haven branch. A closing down sale has also been launched at the Milton Haven site with up to 30% off. Britain's retail apocalypse: why your favourite stores KEEP closing down What is happening at TOFS? Modella Capital, a private equity firm which now owns TOFS, drew up plans to renegotiate rents at 88 of the company's stores in April. The proposals come as part of a company voluntary arrangement (CVA). A CVA allows businesses to explore opportunities to survive including negotiating rents with landlords. Businesses usually take out a CVA to avoid having to close stores and prevent themselves from going bust. History of The Original Factory Shop FOUNDED in 1969 by the Black family in Keighley, the first shop was part of Peter Black's retail network. Initially, it focused on selling surplus soap produced by one of Black's factories, offering local communities great value. Over the years, TOFS evolved from its humble beginnings, expanding its product range to include clothing, homeware, beauty products, toys, and more. It became known for offering a diverse selection of well-known brands at discounted prices. The company grew steadily, reaching 185 stores by 2011 and expanding its headquarters and warehouse in Burnley to accommodate its increasing needs. In 2007, the chain was acquired by private equity firm Duke Street Capital. Since then, TOFS has undergone various transformations, including store closures and openings, as it adapted to the changing retail landscape. In February 2025, Modella Capital, the owner of Hobbycraft, acquired TOFS. However, if the CVA is unsuccessful, it could lead to TOFS stores closing and staff losing their roles. Specifically, around 176 head office staff and warehouse employees working for TOFS could reportedly lose their jobs. TOFS has closed more than a dozen stores over the past 12 months. HIGH STREET STRUGGLES UK high streets have been in decline for years due to the onset of online shopping. High inflation in recent years has chipped away at shoppers' wallets and purses too. A recent report from PwC noted a "continued move away from the high street" by retailers in 2024 with shops outside of town and city centres seeing less closures and more openings. It said this was being driven by both leisure outlets and larger retailers shifting from high streets to retail parks which offer shoppers "greater convenience". The Centre for Retail Research said more than 13,000 high street stores shut in 2024, with more to come in 2025. The centre's analysis found that 13,479 stores, the equivalent of 37 each day, shut their doors for good over the calendar year. Of these, around 11,340 independent shops were shut during the year - a 45.5% jump against 2023. The centre estimates around 17,350 stores will shut in 2025 too, linking the rise to hikes in employer National Insurance contributions (NICs) and national minimum wage. Since April, employers have had to pay NICs at a rate of 15%, up from 13.8%, starting from £5,000 instead of £9,100.
The Sun
10-05-2025
- Business
- The Sun
Popular health store suddenly closes in town centre leaving shoppers devastated
SHOPPERS have been left devastated and shocked after a popular town centre health store closed down. The Vitamin Shop in Watford is said to have been down for a month now, without explanation as to why. 1 The health and fitness supplement store has had its fixtures and fitting stripped out for refurbishment. With no announcement made in social media, the store has been listed as permanently closed on Google. There are expectations a new business will move in soon. The unit and its two-bedroom flat upstairs were made available for rent together at £27k per year earlier in the week. Th property therefore has a value of £50 per square foot of the, which is rateable at £6.9k. Managed by Perry Holt Property Consultants, the property is described to be 'prominently located'. It sits on a major thoroughfare in a 'well-established area for secondary retailers'. Closure of the Vitamin Shop is among many retailers around the UK that have stopped their operations. Another supplements store, a Holland & Barrett branch in Stoke on Trent, also closed down earlier in the year. This similarly caused devastation for shoppers in the local community, with one who took to social media and wrote: "It's all over.' According to a report by the Centre for Retail Research, an average of 37 high street shops closed every day across the UK last year. On top of that, the Centre for Retail Research has warned that 'worse is set to come in 2025'.
