The uncertain state of the global economy after the pandemic has led to a softening in consumer spending due to inflation. This has caused people to spend their money more wisely, leaving retailers to suffer the inevitable consequences.
Additionally, consumer trends are ever-evolving. The rise of online shopping has decreased the need for traditional brick-and-mortar stores, since e-commerce platforms have made shopping more convenient and time-efficient than ever.
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This shift has left many big and small retailers with no option but to reduce their physical store footprints by shutting down locations.
Related: Beloved grocery chain closing all stores without bankruptcy filing
Retail store closures are becoming a concerning trend nationally. Many companies worldwide face the same future.
WHSmith closes multiple stores.
Image source: John Keeble/Getty Images
WHSmith stops opening new stores and shuts down locations
WHSmith SMWH is a British retailer whose story began in 1792 when it opened its first location as a humble newspaper stand in London.
Since then, the retailer has grown immensely, expanding its business and diversifying its market to include books, magazines, entertainment, gifts, confectionery, and stationery products. With over 17,000 stores across more than 30 countries, it has become a leader in the sector.
However, WHSmith began hitting a slowdown in sales, which led it to announce in 2023 that it would stop opening high street stores — those located on main commercial streets — in the U.K.
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The end of an era became real when WHSmith put nearly 500 high street stores up for sale and unveiled its plans to close around 20 locations at the beginning of this year. It filled up stores with discount signs to eliminate all inventory.
A few months later, WHSmith sealed a £76 million (nearly $99 million) deal with Modella Capital in February to acquire 480 high street stores and turn them into new spin-off locations, which will be rebranded as TGJones. This deal will not only allow the retailer’s legacy to live on but also will save the jobs of approximately 5,000 employees who will be working under the new ownership.
As part of the deal, WHSmith will continue operating the travel hub side of its business, where the company makes most of its sales. These 1,200 hubs are located inside airports, hospitals, and multiple public transport stations.
WHSmith reveals more locations and dates of stores set to shut down
WHSmith has been closing locations since January, when it announced the shutdown of multiple U.K. stores, with more taking place over the next few months.
This month, the retailer revealed specific locations and exact dates for the upcoming store closures. Their final days are sooner than many expected. Here are all the stores that will be closing their doors forever:
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April 12: Halstead, Essex, and Woolwich, London
April 19: Halesowen, West Midlands and Diss, Norfolk
April 26: Newport, Wales and Haverhill, Suffolk
May 3: Oldham, Greater Manchester
May 17: Stockton, County Durham
May 31: West Mall, Frenchgate Centre Doncaster
July 5: Bedford, Bedfordshire
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