The struggling footwear retailer Shoe Zone has blamed significant extra costs from the recent budget measures for its decision to close a number of stores as it sounded the alarm over profits.
The retail chain, which employs about 2,250 staff across 297 stores in the UK, said the increase in employers’ national insurance contributions and the minimum wage meant the stores had “now become unviable”.
Shoe Zone said it was facing “very challenging trading conditions” with shoppers cutting spending and unseasonable weather, as well as a further weakening in consumer confidence since Rachel Reeves’s budget in October.
“Consumer confidence has weakened further following the government’s budget in October 2024, and as a result of this budget, the company will also incur significant additional