Three years after BHS’ collapse, 53 of its stores continue to be vacant. The figure highlights the vacancy problem currently facing UK high streets as commercial property owners consider their options.
The extent of the decline in traditional UK retail can be seen from news of an ex-Liverpool department store. The store close to Williamson Square is for sale and could end up as a hotel, with retail "just not viable".
Arcadia is moving fast following the approval of its CVA and it has said it will cut 170 jobs at its HQ. The company is “proposing to make some structural changes in order to support and deliver the turnaround plan.”
Double the number of Arcadia shops expected could close with the axe to fall heavily on Miss Selfridge and Evans, the former to lose its London flagship as it can command a rich rent from other retailers.
Arcadia revealed some details of its long-rumoured CVA plan late Wednesday afternoon with an exit from its US stores and closures in the UK and Ireland that will affect 520 jobs. It will also focus more on digital.
Property giant British Land criticised retailers seeking to cut their rent bills as it released its full-year results. The company said some chains have been asking it to sacrifice too much as its portfolio value fell.
The latest Sunday Times Rich List at the weekend saw Arcadia boss Philip Green falling out of the billionaire’s club with the newspaper assigning no value to his controlling stake in the Arcadia fashion retail empire.
If we could be a fly on any wall, it would be the Arcadia boardroom on Tuesday with the board set to meet to talk about the future of the company’s various fashion chains in the UK and beyond, and its expected CVA.