A little-known high street retailer, One Beyond, is set to open a new store in Waterlooville, Havant on Friday, December 15. The budget retail chain, which launched just four years ago, currently has 107 stores nationwide. The company offers 4,000 different products for £1, with additional offers at higher prices. The new store in Waterlooville will be the third former Wilko branch that One Beyond has opened, with plans to potentially acquire up to 10 more Wilko locations in the future.
Background: Wilko's administration and store acquisitions
Wilko, a popular high street retailer, fell into administration in August, leaving 400 stores and 12,000 jobs at risk. Unable to find a buyer for the entire business, the stores closed and thousands of jobs were lost. However, since then, several retailers have acquired some of the ex-Wilko premises. Poundland's parent company, Pepco, purchased up to 71 locations and rebranded them as Poundland stores. B&M also acquired 51 stores, although the specific branches have not been confirmed. The Range acquired the Wilko name and website, and has even opened new Wilko stores in Plymouth, Exeter, and Luton.
The impact of the cost of living crisis on retailers
Many retailers, including Poundland, New Look, and Homebase, are closing locations due to the cost of living crisis, high inflation, and energy costs. Shoppers are increasingly turning to online shopping, and households have less disposable income for shopping sprees. Additionally, banks are closing branches as more services move online. However, some retailers are managing to thrive despite the challenging conditions. For example, discount retailer Costco is expanding in the UK and plans to open 14 more warehouses in the next two years. Bonmarche and The White Company are also opening new stores.
Did you miss our previous article…
https://hellofaread.com/money/former-bp-boss-stripped-of-32m-pay-over-affairs-with-staff/
