A BELOVED Marks and Spencer store that has served customers for more than 100 years is set to shut for good.
The posh shop has announced that one of its sites in south London will be closing in June.
1
M&S first said it was looking to shutter its Walworth store back in March, leaving shoppers “devastated.”
Now it has been confirmed the shop will be pulling down the shutters for the last time on June 8.
The popular site has been serving locals for 111 years and the news has come as a shock to the community.
Shoppers have taken to social media to express their disappointment.
READ MORE ON RETAILERS
One said: “It’s so depressing to lose it.”
Another wrote: “We won’t have anything down Walworth Road soon very sad.”
A third commented: “What? Why? That is terrible!”
A fourth posted: “Extremely disappointing.”
Most read in Money
Britain’s retail apocalypse: why your favourite stores KEEP closing down
Gordon Scott, M&S regional manager, said: “We would like to thank all of our customers who have shopped in the store over the years, who we will keep serving up until closure and beyond that, from our other stores nearby and across London.
“After consulting with our colleagues, we have informed them of the closure and our priority now is continuing individual discussions about what this decision means for them. Wherever possible, we will offer them alternative roles with M&S.”
Mr Scott went on to add that M&S is rotating its store estate to make sure it has the “right stores with the right space” to offer customers a “brilliant shopping experience”.
M&S OPENINGS AND CLOSURES
In 2022, the retailer announced plans to shut 67 “lower productivity” stores as part of a five-year plan to shake up its branch portfolio.
M&S, which runs 405 stores across the country, shut down locations in Manchester, Swindon and Birmingham between August and November last year.
In addition to this, 40 M&S clothing stores closed between November 2016 and July 2023.
Just recently it announced the upcoming closure of its home store in Kingditch Trading Estate in Tewkesbury, Cheltenham.
If you want to know if your local might be next, we have the full list of M&S stores that are marked for closure in 2024.
However, it is not all bad news for the retailer, or shoppers as in January 2023, it announced it would open 20 more stores over the financial year.
At the same time, it said it’s opening 104 new “bigger and fresher” food stores.
In the last 12 months, it has opened 22 sites including in Liverpool, Leeds, Birmingham and Manchester.
ELSEWHERE ON THE HIGH STREET
Marks and Spencer is not the only retailer shaking things up in a bid to survive this very difficult retail climate.
Other retailers have been slimming down their number of high street branches, such as Iceland, Boots and Matalan.
Argos also closed 42 UK shops, including all 34 of its branches in the Republic of Ireland last June.
A combination of rising rent and cost of living has created the perfect storm for retailers and many have been unable to survive.
Several big retailers have fallen into administration including Wilko, Paperchase, and most recently The Body Shop.
The Body Shop collapsed into administration on February 13, then putting its almost 198 branches at risk of closure.
Since then it has closed down 42 locations and announced that 21 branches will be closed down this week.
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.
IT’S NOT ALL BAD NEWS
Some retailers are bucking the trend and expanding which is good news for shoppers.
Asda is massively expanding its portfolio of smaller Express stores, with plans to open 110 new stores.
Meanwhile, Primark recently confirmed plans to open new branches and invest and renovate more than a dozen of its existing shops.
Discounter chain B&M also said it had plans to open 17 new sites in 2024 with some set to open imminently.
READ MORE SUN STORIES
Earlier this year WHSmith also confirmed it would be opening up 15 new shops, but they would not be on the high street.
We have the full list of chains opening stores in 2024 – see if one is coming to a high street near you.
Retailers closing stores in 2024
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 are also taking a toll, and many high street shops have struggled to keep going.
Here’s a list of all the big-name brands closing stores this year:
- 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, so chances are you have one near you, but some stores have closed in recent months.
- 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 as well.
- 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 shuttered eight stores since March 2023, but more are coming.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
This post first appeared on thesun.co.uk
