Shoppers in Huddersfield, Croydon, and Sutton Coldfield will bid farewell to Beaverbrooks jewellery stores this weekend as the major chain announces the closure of three additional branches.
Three Stores to Shut Their Doors
On Saturday, the Huddersfield branch will close its doors, followed by permanent closures in Croydon and Sutton Coldfield on Sunday. These closures add to the chain's ongoing reduction of physical outlets across the UK.
Half-Price Sales to Mark Closures
All three locations are holding a closing-down sale, slashing prices by 50% on diamonds, jewellery, and watches. Customers are encouraged to visit the remaining stores to take advantage of the significant discounts.
A Tough Business Decision
Managing director Anna Blackburn explained that the closures came after a thorough review of the business’s performance. "We aim to retain as many colleagues as possible within other Beaverbrooks stores or the wider business," she stated. Blackburn added that the leadership team delivered the news personally to all staff members.
Changing Retail Landscape
The closures come after Beaverbrooks shuttered five stores last month and earlier this year, seven more branches were announced for closure in March and April, deemed "no longer commercially viable."
Plans for New Ventures
Despite the store closures, Beaverbrooks is planning to open a new store in Harrogate on April 11 and is renovating some existing branches. The chain is adjusting its retail footprint to align with current market conditions.
Financial Struggles Behind the Closures
In its latest financial report filed with Companies House, Beaverbrooks revealed that profitability has declined significantly in the 53 weeks ending March 2, 2024. This downturn is attributed to rising costs related to employee wages, property refurbishments, and repairs, despite an increase in turnover and market share.
Other Retailers Following Suit
Beaverbrooks is not alone in tightening its operations. WHSmith is set to close six stores this month as it shifts focus towards its travel business. The affected WHSmith locations include Halstead, Halesowen, Diss, Newport, Haverhill, and Woolwich, though specific closure dates are yet to be announced except for Haverhill, which will close on April 26.
Additionally, Sports Direct will close its Cambridge store on April 18, while FarmFoods is ending its longstanding Dundee outlet on Sunday. These closures are part of a broader trend of retailers reassessing their high street presence amid changing consumer behaviours.
A Shrinking High Street
The ongoing closures reflect the challenges faced by brick-and-mortar retailers in an increasingly competitive market. Factors such as rising operational costs and shifting customer preferences towards online shopping are driving many chains to rethink their physical store strategies.
Looking Ahead
As Beaverbrooks continues to streamline its operations, its upcoming store launch in Harrogate signals a commitment to strategic growth in select locations. Meanwhile, the retail sector at large is witnessing a reshaping of the high street, with companies prioritising profitability and adapting to new economic realities.
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