A MAJOR retailer with 100 branches has permanently shut one of its stores after launching a giant closing down sale.
Select pulled down the shutters on its Coventry site for the final time last Friday (June 21).
The outlet shuttered its West Orchards Shopping Centre store and is now in a Company Voluntary Arrangement, CoventryLive reported.
According to GOV.UK, CVA’s provide a way for businesses to pay off their debts over a fixed period.
The boarded up store will soon be replaced by a new clothing shop called C&S and is expected to open to the public “soon”.
“Select closed last Friday (June 21) and handed the keys back on Monday (June 24),” Senior Asset Manager Andy Talbot said.
“We understand Select is in a CVA. A new business C&S will be opening a fashion outlet soon.”
Locals previously hailed the store for its affordable threads.
“This is the best store,” one wrote.
A second added: “A great shop for cheap budget clothing and deals.”
WHAT ELSE IS HAPPENING ON THE HIGH STREET
The high street has been hit hard in recent years as shoppers turn to online retail, a trend made worse by the Covid-19 pandemic.
Businesses have also had to cough up more on energy, wages and business rates.
It has seen some shops forced to close permanently in a blow for customers.
Some major retailers have fallen into administration, including Ted Baker, Wilko and The Body Shop, seeing hundreds of shops close and thousands of workers lose their jobs.
Figures from the Centre for Retail Research, a research foundation, revealed almost 10,500 shops closed for the final time in 2023.
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.
The 12-month period also saw over 119,000 jobs lost across the sector.
This month will be no different, with at least a dozen stores closing their doors for the last time.
It’s not all bad news for the sector though, as some chains have been expanding on the high street and in retail parks.
Poundland, Lidl and Aldi have all been opening branches across the UK, as shoppers turn to more budget-friendly options.
Aldi said it wants to open hundreds more stores in the coming years, setting its sights on operating 1,500.
Health and beauty retailer Superdrug recently said it wants to open 25 new branches across the UK.
Asda has been opening hundreds of convenience stores in recent months as it looks to rival major players Tesco and Sainsbury’s.
B&M also plans to open “not less than” 45 brand new stores across the UK in each of the next two consecutive years.