A number of retailers have announced they will be leaving high streets across the UK this year. According to the Centre for Retail Research, around 15,000 stores are expected to close their doors over the course of 2023.
Household names to have announced closures include Argos and Paperchase, as the cost of living crisis continues to force customers to spend less. UK stores are also feeling the pinch from soaring inflation, with the most recent rate listed as 10.1% in January.
In addition, many high street stores have struggled to stay open due to the rising cost of energy bills, coupled with an increase in online shopping following the Covid-19 pandemic. Staffing has also proved difficult both during and following the pandemic, first hit with higher absences due to sickness, lockdown also meant retail workers were forced to look elsewhere for employment while stores were closed, causing staffing issues once restrictions were lifted.
But which retailers have announced that they will be closing their doors in 2023 due to soaring costs? Here’s everything you need to know.
Retail giant Argos has announced it will be closing all of its stores in Ireland in 2023. Argos has around 580 members of staff across its 34 stores in Ireland.
The stores will close by June 24, however no UK stores will be affected.
Boots confirmed it will be closing three UK stores this year. These are:
- Salford Shopping Centre in Greater Manchester - closing in February (no specific date confirmed)
- Church Street in Malvern - closing on March 11
- The Port Arcades Shopping Centre in Ellesmere - closing on March 11
Fashion retailer H&M will close a number of stores across the UK in 2023. The permanent store closures include branches in Burton, Maidenhead, Hartlepool and the Isle of Wight.
Lloyds Pharmacy has announced it will be withdrawing its pharmacies from Sainsbury’s stores.
In 2015, the supermarket signed a deal to sell its pharmacy business to Lloyds, with around 2,500 Sainsbury’s pharmacy staff transferring to Lloyds.
It is yet to be confirmed when the closures will take place.
Marks and Spencer
High Street retailer Marks and Spencer this week confirmed the UK stores under threat of closure. It’s not all bad news here though as while certain stores will be going, plans to open in new locations are also on the table.
The following stores have either been confirmed to be closing or are, at this stage, proposed to close, subject to ongoing consultations. The Wrexham branch is a confirmed closure but is earmarked for relocation in the town.
- East Kilbride Shopping Centre
- Carlton Street, Castleford - proposed closure, under consultation
- Meadowbank retail park, Edinburgh
- Newport Road, Cardiff
- Eagles Meadow, Wrexham - relocating
- Linthorpe Road, Middlesbrough - proposed closure, under consultation
- Deansgate, Bolton - proposed closure, under consultation
Paperchase fell into administration last month following rising costs and disappointing sales following the Covid-19 pandemic. While Tesco managed to purchase the intellectual property of the retail brand, Paperchase stores across the country were not part of the deal and will soon close.
A total of 106 branches and 820 jobs are at risk. Paperchase is yet to reveal when these stores will close their doors.