A MAJOR high street jeweller is pulling the shutters down on one of its branches within days – and everything must go in a massive closing down sale.
Warren James, which has more than 200 stores across the UK, will close its Andover outlet in the Chantry Centre on Saturday, May 17.
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Signs plastered outside the store confirm a “closing down sale” is now under way, with the only explanation being that the lease has run out.
Despite issues with broken shutters, posters tell shoppers the store is still open – for now – giving bargain hunters one last chance to bag cut-price sparkle.
The chain has stayed tight-lipped on the closure according to the Andover Advertiser, but local council bosses say they’re already looking to re-let the space.
A spokesperson for Test Valley Borough Council, which owns and runs the shopping centre, admitted it was “a shame” to see Warren James go, but insisted new tenants are always in the pipeline.
They added that the centre has remained lively thanks to flexible leases, grants for independents and a mix of tenants keeping vacancy rates below the national average.
There’s no word yet on whether more closures are coming – but fans of the jewellery giant will want to take advantage while they still can.
The news comes as both independent and industry giants have been struggling with rising costs and reduced footfall over the past few years.
Dozens of shops are set to close across the country before the end of the month in the latest blow to UK high streets.
Just a few months into 2025 and it’s already proving to be another tough year for many major brands.
Rising living costs – which mean shoppers have less cash to burn – and an increase in online shopping has battered retail in recent years.
In some cases, landlords are either unwilling or unable to invest in keeping shops open, further speeding up the closures.
One of these stores included Smiggle, known for its colourful, quirky pens, lunchboxes and school bags, which revealed that it is shutting up shop at the Darwin Centre in Shrewsbury later this month.
Whilst, B.D Price, a beloved toy and bike store announced its closure after 160 years in business.
The 84-year-old owner revealed that the cost of living crisis has led to a reduction in sales and to the costs of running the business skyrocketing.
Why are retailers closing shops?
EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre’s decline.
The Sun’s business editor Ashley Armstrong explains why so many retailers are shutting their doors.
In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping.
Falling store sales and rising staff costs have made it even more expensive for shops to stay open.
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs from April 2025, will cost the retail sector £2.3billion.
At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40.
In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed.
The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.
Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns.
Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead.
In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few.
What’s increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online.
They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.
The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
Smiggle isn’t the only stationary shop shutting its doors, more WHSmiths stores are set to close this month.
The huge sports retailer, Sports Direct axed its Newmarket Road store in Cambridge on April 18.
Whilst, Red Menswear in Chatham in Medway, Kent, shut for the final time on Saturday, March 29, after selling men’s clothing since 1999.
A couple months ago, Essential Vintage told followers on social that it would be closing down after they had been “priced out” because of bigger players in the market such as Vinted.
Another Jewellery brand Beaverbrooks also shut three shops in April
Whilst, New Look bosses made the decision to axe nearly 100 branches as they battle challenges linked to Autumn Budget tax changes.
Approximately a quarter of the retailer’s 364 stores are at risk when their leases expire.
This equates to about 91 stores, with a significant impact on New Look’s 8,000-strong workforce.
It’s understood the latest drive to accelerate closures is driven by the upcoming increase in National Insurance contributions for employers.
The move, announced by Chancellor Rachel Reeves in October, is hitting retailers hard – and the British Retail Consortium has predicted these changes will create a £2.3billion bill for the sector.
RETAIL PAIN IN 2025
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
