A BARGAIN retailer with 506 branches across the UK revealed the closure of five branches as it gave an update on its finances this morning.
The Works‘ revealed it plans to also open around 60 new sites over the next five years.
Three of the closures have already closed, with branches in Iver, Elgin, and Heighley Gate shutting down.
And two more stores are set to close before the end of April, but the retailer is keeping tight-lipped about the locations for now.
These closures are part of business and normal practices where retailers may choose to close under performing sites.
Since May 2024, The Works has opened three new stores, with another set to launch in Cirencester next month.
A spokesperson for The Works said: “We constantly review our property portfolio to ensure we have the right mix of stores in the right locations to best serve our customers.
[bc_video account_id=”5067014667001″ application_id=”” aspect_ratio=”16:9″ autoplay=”” caption=”Major high street retailer with 17 Scots stores to close ‘a THIRD’ of UK shops” embed=”in-page” experience_id=”” height=”100%” language_detection=”” max_height=”360px” max_width=”640px” min_width=”0px” mute=”” padding_top=”56%” picture_in_picture=”” player_id=”default” playlist_id=”” playsinline=”” sizing=”responsive” video_id=”6367391803112″ video_ids=”” width=”640px”]“This occasionally means closing stores, whilst also improving our stores with refits or relocations if a more favourable site becomes available, as well as opening new stores too.
“As announced in our half-year results today, we have five planned closures between November 2024 and April 2025, one relocation and one new opening.
“We are in the process of building a new store pipeline which will see us return to modest growth in the store estate, with a net five new stores being targeted in the next financial year.”
As part of the update today The Works revealed a plan to strengthen its position on the high street amid challenging conditions for retailers.
Many retailers have seen a drop in footfall since the pandemic which, coupled with rising bills and the impact of Budget changes, have impacted revenues.
Budget changes add pressure for retailers
Recent government changes has worsened the already difficult climate for retail businesses.
In her statement, Chancellor Rachel Reeves announced that the Government is hiking employer National Insurance Contributions (NICs) and the National Living Wage.
This will increase the cost for businesses, who have already struggled to attract customers during the cost of living crisis.
[authenticated-scripts src=”%3Cscript%20class%3D%22palin-poll%22%20src%3D%22https%3A%2F%2Fwww.thesun.co.uk%2Fpollingwidgets%2Fv3%2Fwidget.js%3Fquestion_id%3D104208%26game%3Dpolling%22%3E%3C%2Fscript%3E” type=”embedded” width=”100″ /]ShoeZone was one of the first retailers to blame the Budget for store closures.
ShoeZone has begun to close “unviable” branches after its costs increased.
It said: “These additional costs have resulted in the planned closure of a number of stores that have now become unviable.”
The challenging climate has forced some of the biggest retail giants out of the British high street.
WHSmith has confirmed it will close 18 stores for good in coming months.
The company said it will be moving away from its high-street stores and has no plans to open any more.
Instead, the retailer is focusing on the travel side of its business, where sales are growing.
Meanwhile, Homebase will close 13 stores this month after it fell into administration in November.
The company will shutter shops in Cheltenham, Coventry, Romford and Wolverhampton.
CDS, which owns The Range and the Wilko brand has stepped in and said it will take over 70 Homebase locations.
This weekend alone, five popular chains will close stores, leaving shoppers without local favourites and dozens of workers facing an uncertain future.