Topshop closes more stores after weak end to 2019
today Jan 17, 2020
Arcadia is quietly closing a raft of Topshop stores with 12 sites shuttering and weak Christmas trading believed to have sparked the latest closure round.
The closures include the already-announced Westfield Stratford site but also stores in Wolverhampton, Newbury, Blackburn, Bolton, Aylesbury and Worthing, among other towns, the Guardian reported. This is perhaps a surprise given that the landlords of these latter locations had earlier agreed to 70% rent cuts as part of the firm’s restructuring process. Other sites in Carmarthen, Horsham and Blackpool are reportedly shutting as their leases come to an end.
Some of the stores have contained more than the Topshop brand and reports have said that other stores under the Dorothy Perkins, Burton and Miss Selfridge banners are set to close too.
Arcadia has axed a number of stores over the past few years and last year’s company voluntary arrangements saw another 23 sites being shuttered. And there are expectations of further closures linked to the planned administration of the Evans and Miss Selfridge property arm.
The Guardian also reported that data from high street analyst Kantar showed Arcadia as a whole suffering a 14% sales fall in the 12 weeks to December 15. This figure hasn’t been confirmed by the company and is reflective of the firm operating fewer stores in the last quarter of 2019 rather than just weak sales.
Copyright © 2020 FashionNetwork.com All rights reserved.