BYE BYE
Exact date major DIY retailer with 145 stores to shut branch as huge closing down sale commences
Plus, watch our video to see how you can cut your DIY costs
A MAJOR DIY retailer with 145 shops has confirmed that it's closing another key location within months.
Homebase has announced it will be pulling down the shutters on its branch in Cambridge Retail Park.
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The DIY chain, which currently operates around 145 locations across the UK, will close the store on September 13, according to a spokesperson.
A massive closing down sale has now been launched at the store.
Posters and banners that said "all stock reduced" and "everything must go", have been plastered outside the shop's front.
Shoppers have taken to social media to share their disappointment over the news.
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One shopper posted on Facebook and said: "That shop has been there for donkeys... Such a shame."
Another said: "This side of town is going to be a bit barren for shopping."
"Where is everyone supposed to do their shopping once both of these sites have been redeveloped," said a third.
The announcement of the Cambridge closure comes after Homebase confirmed it would shutter two other branches.
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The DIY chain is closing a store in Northampton later this year.
Why are shops closing stores?
The shop in the Riverside Retail Park will welcome in customers for the final time on September 6.
It is understood the closure comes as the landlord plans to transform the site into two separate units.
Homebase has previously confirmed that it will be pulling down the shutters on its branch in Ledbury in 2025.
This is also due to the lease coming to an end and a new one not being agreed with the landlord.
A lease gives you the right to use a property for business for a set period of time.
The DIY retailer also pulled down the shutters on its store in Brentford in April.
The site is being redeveloped into housing.
Retailers closing stores in 2024
RETAILERS have been hit by soaring inflation and a downturn in spending due to the cost of living crisis.
High energy costs and a move to shopping online are also taking their toll.
Some high street shops have closed due to businesses opening up in different locations such as larger retail parks.
Shops may also close due to a number of other reasons, such as rising rents.
We explain which retailers are closing in 2024:
- Argos - The brand announced plans to close 100 standalone UK branches last year as it looks to move away from the high street and focus on expanding its presence in supermarkets.
- B&Q - The chain has over 300 shops across the UK, with two stores closing this year due to leases not being renewed. It has plans to open more in 2024 too.
- Boots - The health and beauty chain announced that it would be closing 300 stores last July. Closures are ongoing and this will see the retailer's estate reduced from 2,200 to 1,900 shops.
- Clintons - Clintons mulled plans to close 38 shops in a bid to avoid insolvency late last year. We've listed the stores affected.
- Costa Coffee - The caffeine giant has around 2,000 sites nationwide, so chances are you'll have one near you. The chain has shut the doors to dozens of its sites recently. We've revealed which stores are due to close this year.
- Iceland - The supermarket has more than 900 stores but closed nearly two dozen sites in 2023, and more selected shops are due to shut.
- Lidl - The supermarket, which has 950 stores, is changing up shop locations, which has meant that some stores have to close. But the retailer is also looking to open 12 new supermarkets.
- M&S - M&S, which runs 405 stores across the country, has been closing a string of branches across the country in a blow for shoppers. It's not all bad news, though, because the chain also has big plans to open dozens of new shops.
- Trespass - The firm announced in July last year that it was closing six branches, but more are on the way.
- WHSmith - The retail giant, which runs over 1,100 stores, has shut eight stores since March 2023, but more are coming.
Homebase was taken over by Hilco Capital in 2018, and has since closed almost 100 stores.
Hilco bought the hardware store chain for £1 from Australian firm Wesfarmers, which paid £340million for what has been dubbed one of the "most disastrous takeovers ever seen".
Wesfarmers is known for its Bunnings chain in Australia. It attempted to transform Homebase into its own DIY brand.
Prior to the takeover, Homebase had 250 stores at its peak with around 12,000 staff.
But Homebase soon returned to profit after it entered a CVA agreement and restructured its business.
WHAT ELSE IS HAPPENING ON THE HIGH STREET?
The high street has been hit hard in recent years, particularly since the coronavirus pandemic when many businesses were forced to close their doors to the public.
High energy and wage costs, as well as business rates, have seen many retailers having to shutter stores too.
Some retailers have closed a few branches here and there for various reasons, like when a store lease has come to an end.
Other examples of one-off rather than widespread closures is if there are changes in the area, like a shopping centre closing, and in some cases a shop will close to relocate to another area.
Some chains have faced tougher conditions though, forcing them to shut dozens of stores, or all of them in the worst case.
Some big high street names have been lost since the start of 2023.
Wilko and Paperchase have both collapsed into administration, seeing hundreds of shops close and thousands of staff lose their jobs.
Wilko falling into administration left shoppers gutted as they visited their local stores for the final time to say goodbye to staff.
Other retailers have announced vast swatches of closures too, including Boots.
The pharmacy chain said last summer it wanted to close 300 of its branches, adding it would only do so in areas where there was another one nearby.
But it's not all doom and gloom.
Discount giant B&M has opened 27 branches this year, while Aldi has its eyes set on opening hundreds more stores in the coming years.
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DIY chain Screwfix is also set to open dozens of branches as its owner Kingfisher looks to expand its nationwide presence.
And Lidl is eyeing up potential sites where it is keen to open shops while Paperchase has since returned inside Tesco branches.
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