Five Arcadia brands to quit Monks Cross
Arcadia has decided not to renew its lease at Monks Cross shopping park in York, resulting in the closure of five stores.
The British retail group’s Evans, Topman, Topshop, Miss Selfridge and Outfit are leaving the shopping centre in September, when the lease expires, according to local media reports.
The move leaves Monks Cross in a difficult situation, as Arcadia was one of its largest tenants. According to planning documents, the landlord for the site will convert Unit 10, which currently houses multi-brand Outfit, and Unit 12, home to the other brands, into multiple smaller units.
“The existing unit size has proven generally unpopular in terms of re-letting and accordingly the previous application was made to sub divide the unit while providing a modest increase in mezzanine provision for the newly created units. No specific tenants are identified at this stage,” a report written by planning agents said.
Arcadia’s Dorothy Perkins/Burtons store on Coney Street in the city centre was also earmarked for closure in September last year.
Like many other British retailers, Arcadia is struggling to stay afloat in the face of falling sales and declining store footfall. The company is understood to be seeking to cut brand manager roles in stores which house both Topshop and Topman under one roof, in a bid to reduce its employee numbers.
The company has also recently told suppliers that it will pay 2% less on existing and future orders, blaming changes in the retail market. In 2016, the business saw its profits slump 79%, with the fierce competition in the clothing market and the collapse of BHS contributing to the weak performance.
In August last year, Topshop’s creative director Kate Phelan and Topman’s Gordon Richardson were replaced by former Vogue art director David Hagglund, who now oversees the creative direction of both brands.
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