Halfords, a popular retailer in the UK, is set to close another branch in Lincoln next month. The store, which specializes in motoring and cycling products and services, will shut its doors for the final time on Friday, November 17. This closure comes as Halfords has already closed four branches this year due to a decline in profitability. The retailer will continue to serve customers through its online platform, Halfords.com.
Retailers Facing Challenges
Retailers across the UK are struggling as they face challenges such as the cost of living crisis, high inflation, and energy costs. Shoppers have been cutting back on spending, while the expenses associated with running physical stores have increased. As a result, many retailers have had to close branches. According to the British Retail Consortium, the UK has lost 6,000 stores over the past five years.
Other Retailers Expanding
While some retailers are closing branches, others are expanding. Discount retailer Costco plans to open 14 more warehouses in the UK over the next two years. Bonmarche, which filed for administration in 2019, is opening at least seven new stores. The White Company is also set to open new stores in October and November. Additionally, Patisserie Valerie, Wilko, Wenzels, Greggs, Dunkin' Donuts, and The Cornish Bakery are all in the process of expanding in the UK.
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