Branch closure
New Look, a popular fashion retailer with 400 locations nationwide, is permanently shutting down one of its branches in Shirley, Southampton, today. This closure adds to a string of recent closures for the company.
Nearest outlet
While the closure is a blow to local residents, they won't have to travel far to visit the nearest New Look outlet, which is located in the Westquay Shopping Centre in Southampton city centre.
Company statement
A spokesperson for New Look explained that store closures are a normal part of their business operations. They also mentioned that despite recent closures, the company has opened new stores this year and continues to search for new opportunities across the country.
Local reaction
Local residents expressed disappointment and sadness over the closure, with some calling it the "death of the high street" and reminiscing about their fond memories of the store.
Tough times for New Look
New Look has faced challenges this year, resulting in several store closures. The most recent closures include branches in Stratford-upon-Avon, Worcestershire, Beverley, Slough, Windsor, Lancaster, and Leeds. The company also closed six branches earlier this year.
Positive developments
Despite the closures, New Look has experienced some positive developments. The Fosse Park Shopping Park branch in Leicestershire closed to make way for a larger venue, and the company has opened new stores in Grimsby and Leicester. New Look has also announced plans to open more stores in 2023, although specifics have not been confirmed.
Challenges for high street retailers
New Look's struggles reflect the difficulties faced by many high street retailers as more consumers turn to online shopping. Rising living costs, high inflation, and energy expenses have impacted retailers, while shoppers' limited disposable income and the convenience of online shopping have further contributed to the decline of physical stores.
The bigger picture
The British Retail Consortium reported that the UK lost 6,000 stores over a five-year period, highlighting the ongoing challenges faced by the high street. However, it's not all bad news, as some retailers are closing certain locations to open larger and improved stores nearby.
Industry trends
New Look is not the only retailer facing difficulties this year, as companies like Paperchase and M&Co have also fallen into administration. However, some retailers, including B&M, Poundland, and One Beyond, have been expanding their store presence.
