OCTOBER is another month where we’ll see more shops closing down as retailers continue to quit the high street.
Shoppers have faced a swathe of closures on their local high streets in recent years as many of their favourite chains shutter sites.
More shops are set to put the shutters down for good in October[/caption]
The cost-of-living crisis has meant households have less money in their pockets and so are cutting back on their spending.
As a result, high street shops have seen lower footfall and less money landing in the tills since the pandemic.
That, coupled with ongoing restructuring plans and high rents, has forced many chains to close.
Figures from the Centre for Retail Research revealed almost 10,500 UK shops closed for the final time in 2023.
The 12-month period also saw over 119,000 jobs lost across the sector.
According to the centre’s most recent data, 1,846 stores closed and 23,982 retail jobs were lost during the first six months of 2024.
This month will be no different, with Game, Poundland and Tesco among those closing stores.
Of course, it’s not all bad news. In some cases the branches will be replaced with bigger and better shops.
Retailers regularly open and close shops for a number of reasons – not just because they are struggling.
For example, they may have a store nearby that is performing better or it may be because they want to pick a spot that has higher footfall, such as in a retail park.
Poundland
Poundland will close its store in Sutton Coldfield, West Midlands on October 5.
A spokesperson for the budget retailer indicated it had not been able to reach an agreement with the landlord of the plot.
The spokesperson added: “We know how disappointing this will be.”
The Sutton Coldfield closure is not the first announced by Poundland in recent months.
The retailer announced the closure of its Macclesfield site in August after it was unable to secure a new lease agreement.
It also pulled down the shutters on a store in Altrincham, Greater Manchester, in July, having taken the site on from Wilko following its collapse.
Poundland bought 71 ex-Wilko stores when the homeware retailer fell into administration last year.
The discounter re-branded the locations and opened many up before Christmas.
But since then, several have closed down, including in Ellesmere Port in Galashiels and the Sailmakers Shopping Centre in Ipswich.
In total, Poundland has shut down nine former Wilko locations just months after bringing them back to life.
However, despite the closures, Poundland has still massively grown its presence on the high street in recent months.
Tesco
Tesco is closing its High Wycombe, Buckinghamshire superstore between October 2024 and autumn 2025.
The store will remain closed while landlord Buckinghamshire Council reconfigures the site.
Tesco will open a temporary Express store in the Eden Shopping Centre while the branch is closed.
A Tesco spokesperson said: “Our superstore will reopen in Autumn 2025 with a refreshed look and feel which we’re excited to share with customers.”
Tesco is pursuing a strategy of expansion with plans to open 70 more stores across the UK over the next year.
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.
The high street has seen a whole raft of closures over the past year, and more are coming.
The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.
Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.
It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.
“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic and Tile Giant.
The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.
However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.
The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.
Game
Game is shutting its store in The Broadway Shopping Centre, Bradford, and has launched a closing down sale.
An exact closure date has not yet been revealed, but a spokesperson for the shopping centre told The Telegraph and Argus: “We can confirm that Game will be closing and we will be announcing new fashion and beauty retailers in the coming weeks.”
Shoppers have expressed concern about the number of stores closing in the town.
One said: “Bradford is going to be a ghost town.”
The latest Game closure comes after the retailer, operated by the Frasers Group, shut a number of other branches across the UK.
Almost a dozen Game branches have closed in England and Wales since last October.
A branch in Nuneaton, Warwickshire, shuttered in November, while a store in Witney, Oxfordshire, closed in January and one in Plymouth, Devon disappeared the following month.
Trespass
Trespass’ store in the Silverburn shopping centre, in Glasgow, will be shutting for the final time over the coming weeks.
The store, which sells ski wear, waterproof jackets, fleeces, festival accessories, walking boots and camping gear, has launched an everything must go sale.
Black and yellow signs read: “Closing down. Everything must go.”
Trespass has not yet confirmed an exact closing date.
Trespass, which has around 170 UK branches, confirmed last summer it would pull down the shutters on half a dozen branches.
Stores shut in Chesterfield and Workington while others in Canterbury and Solihull were also earmarked for closure.
In recent weeks, Trespass has also closed its store in St Johns Precinct, Liverpool, after signs were placed in the window.
What stores are opening in October?
Toys R Us
The iconic 90s toys retailer is to rapidly launch 23 new shops following the successful opening of dozens in the last year.
The stores will all be open by Christmas, with the first welcoming customers at the end of last month.
See a full list of locations here.
Mountain Warehouse
The outdoor clothes retailer has revealed it will open 50 new stores in the UK.
The brand has already opened 20 new stores in the UK in the past six months – and now plans to expand to new locations, including at retail parks.
The exact list of locations where Mountain Warehouse will be opening is yet to be revealed.
Boots
Boots has not confirmed exact dates for October closures, but has been shuttering a large number of sites following a review of its estate.
The health and beauty chain announced last year that it would close 300 branches, and more than 250 have since shut.
The remaining stores marked for closure will have shut for good by the beginning of October.
The move is aimed to reduce the chain’s store portfolio from around 2,200 to just 1,900.
The pharmacy chain employs over 52,000 team members, and it has said that these closures will not lead to any redundancies.
Cineworld
Cineworld has plans to close six UK sites as it enters the first phase of a major restructuring.
Venues in Glasgow, Bedford, Hinckley, Loughborough, Yate, and Swindon are expected to close down over the coming months.
A Cineworld spokesperson said: “We are implementing a restructuring plan that will provide our company with a strong platform to return our business to profitability, attract further investment from the group, and ensure a sustainable long-term future for Cineworld in the UK.”
The fate of the sites will not be confirmed until the legal process for the restructuring plan is completed.
The chain is also said to be renegotiating rent agreements for around 50 of its sites.
Struggling businesses often do this to help lower their operating costs and help retain more of their brick-and-mortar estate.
However, landlords don’t need to accept what’s put forward in these discussions.
This means that up to 50 additional Cineworld complexes could also be at risk of closure if the chain and its landlords cannot reach an agreement.
A further 25 cinemas will be left unaffected by the restructuring plans and will remain open for the foreseeable future.
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