After a decade of operation, Victoria's Secret has closed its flagship store on New Bond Street in London. The closure was confirmed by a spokesperson for the retailer, who also announced that a new branch will be opening within the Next store on Oxford Street at the end of March. In the meantime, the nearest Victoria's Secret store for customers is located in Westfield, London.
Beloved Store Leaves Customers Disappointed
The closure of the iconic New Bond Street store has left customers feeling disappointed, with many expressing their love for the location on Google Reviews. One customer described it as a "paradise for a woman," while another called it their "favorite Victoria's Secret shop so far."
New Store Openings by Victoria's Secret
Despite the closure, Victoria's Secret has been expanding its presence in the UK. In November, the brand opened a new store in the Cribbs Causeway Shopping Centre in Bristol. Currently, Victoria's Secret operates a total of 56 stores across the UK, including 21 standalone branches.
Challenges Faced by Retailers
The closure of stores is not unique to Victoria's Secret, as many retailers have been facing challenges in recent years. High energy costs and inflation have impacted consumer spending, while the rise of online shopping has put pressure on brick-and-mortar stores. In 2023 alone, over 10,000 shops closed permanently, resulting in nearly 120,000 job losses in the retail sector.
Positive Developments for the High Street
Despite the challenges, there are positive developments for the high street. Retailers like B&M and Asda have announced plans to open new stores in the UK, providing a glimmer of hope for the industry.
HOAR reached out to Victoria's Secret for comment.
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