Retailer Sook Closes All Branches
UK-based start-up Sook has closed all of its 12 branches after failing to secure sufficient funding. The company, founded in 2019, aimed to revitalize the high street by providing flexible pop-up spaces for brands like Depop and TikTok. However, despite growing sales and achieving international scale, Sook was unable to raise the necessary investment to continue operating in the current environment.
Founder Announces Closure on LinkedIn
Founder John Hoyle announced the closure of Sook in a LinkedIn post, expressing devastation and pride in the team's efforts. Hoyle thanked supporters and asked for help in finding new roles for team members who had contributed to disrupting the retail and real estate sectors during challenging times.
Reaction on LinkedIn
Over 200 people reacted to the news of Sook's closure on LinkedIn. Many expressed their sadness and praised the brand's impact in the retail industry.
Retailers Struggle Amid High Costs and Decreased Spending
Retailers across the UK are facing challenges due to the cost of living crisis, high inflation, and energy costs. Consumers have been cutting back on spending, while running a physical store has become more expensive. The British Retail Consortium reported a loss of 6,000 stores in the UK over the past five years. Several major brands, including Wilko, Paperchase, M&Co, and Joules, have collapsed and closed stores permanently in recent years.
Positive Outlook for Some Retailers
Despite the closures, there are retailers expanding their presence in the UK. Discount retailer Costco plans to open 14 more warehouses in the next two years. Bonmarche, which filed for administration in 2019, is opening at least seven new stores. Patisserie Valerie, a bakery chain that went into administration and closed most of its stores, has begun reopening branches.
Did you miss our previous article…
https://hellofaread.com/money/whats-in-store-in-2024-business-leaders-predict-the-year-ahead/
