SHOP BLOW
‘Not another’ say shoppers after major discounter with 850 branches confirms exact date it will shut store in DAYS
A MAJOR retailer has revealed the date it will be closing one of it's 850 branches in the UK.
The discount budget store Poundland has told customers that it's branch at The Shires Shopping Centre in Trowbridge will close on Saturday 20 July - in just eight days time.
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Signs have been put up on the shopfront, warning customers about the imminent closure.
They read: “Sorry. We’re closing July 20. Visit our website for other nearby stores.”
For residents of Trowbridge, the closest nearby locations are in Warminster, Devizes, Chippenham, Swindon, and Salisbury.
It comes after terms on the shop's lease could not be agreed between the retailer and shopping centre's management.
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The closure means shoppers have been left fearing a "ghost town", as there are so many empty retail units in the area.
A staff member at Poundland confirmed the branch is closing down on July 20.
The Sun also contacted a spokesperson for the retailer, who added: "We've also now confirmed that Hitchin is staying open, and not closing after we've arranged a new lease."
Huge budget retailer to shutter ANOTHER former Wilko store just months after opening
The Trowbridge closure is not the only to be announced by Poundland in recent months.
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The discounter pulled down the shutters on a store in Altrincham, Greater Manchester, just last month, after taking it on from failed chain Wilko last year.
Poundland bought 71 ex-Wilko stores when the 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, Galashiels, Scotland, 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 nine closures, it still means Poundland has massively grown its presence on the high street in recent months.
It is also normal for retailers to open and close branches in different areas depending on customer demand.
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.
WHAT ELSE IS HAPPENING ON THE HIGH STREET
Since the coronavirus pandemic, the high street has been badly affected with many businesses forced to shut down.
There are several reasons for this, including the high cost of energy and wages, as well as business rates.
Plenty of big high street names, such as Wilko and Paperchase, are now a thing of the past, with hundreds of shops closed and thousands of staff having lost 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 previously said it wanted to close 300 of its branches, but said it would only do so in areas where there was another one closeby.
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However, it's not been all bad news across the retail sector.
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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