Oldrids announces plans to close its Boston town centre store

The company which owns Oldrids of Boston has announced today that it is proposing not to re-open its store in the town centre after 216 years of trading.
The Boston storeThe Boston store
The Boston store

The devastating announcement came on the back of the coronavirus outbreak, but owners Oldridge and Downtown say that even before the pandemic trading had been very challenging.

In a statement released today, the company said: “Oldrids Boston store, regretfully and with very heavy hearts, it is announced today that the Company is proposing not to reopen the store, and that it should close permanently.”

Martin Isaac, chairman of Oldrid & Co. Ltd, said: ‘Our Board of Directors is acutely aware of the impact that this proposed closure is likely to have on our employees, and upon Boston, and hope it goes without saying that the decision to put forward this proposal has not been taken lightly.

“Given that we have been trading in the town for more than two centuries, and considering the very many cherished memories that so many people have of Oldrids Boston, in happier, busier times, we will not be alone in finding it genuinely upsetting to contemplate the centre of Boston without Oldrids.

“But we have a responsibility to build a sustainable business for the future, and protect jobs and livelihoods.”

He went on: “A process of consultation has now begun with those employees who are likely to be affected by the proposed closure, should it go ahead, and all options will, of course, be explored in order to avoid or minimise redundancies.

“This is an immensely sad day for our Company, and a very worrying time for those whose jobs are at risk, but it’s important for us not to lose sight of why it is proposed to retire Oldrids Boston: it is in the hope of securing the future of the wider business for centuries to come.”

The company’s Downtown Home Superstore, at Wyberton Chain Bridge continues to trade, as do the Downtown Home and Fashion Superstore, and Downtown Garden Centre, in Grantham.

The Company’s online operation, Oldrids Online – www.oldrids.co.uk – also continues to be fully operational and is unaffected by the proposal. The plans for developing the Downtown Grantham Designer Outlet are in the final stages and this significant project continues to be a key part of the future vision for the Company.

The statement said the long and proud history of the store made it integral to the town.

But it went on: “It has, however, become increasingly difficult for department stores in town centre locations to make a profit, which is why so many have already been lost.

“Oldrids & Downtown may not have succumbed to the same pressures that have threatened the very existence of other, leading retailers, but they are not immune from them. Even John Lewis, the UK’s best-known department store group, has announced changes to its business in response to the unprecedented headwinds now facing the retail sector.

“Trading at Oldrids Boston has been very challenging and the decision by Marks & Spencer, a close neighbour of so many years, to vacate the town, and the resulting drop in footfall, have not been helpful. At the same time, employment costs have risen considerably, along with the many other costs of running a business.

“The stark, unvarnished truth is that, even before coronavirus, the store had not returned a profit for several years and the challenges being faced are now considered to be insurmoun