industry

Co-op to open 100 BRAND NEW stores in BOOST for struggling UK high street


The convenience store chain will also refurbish 200 older shops as part of a £200million investment plan. It is believed the financial venture will create some 1,500 new jobs in a much-needed boost for the UK high street. London as well as the South East, Wales and Scotland will be the key areas of focus for the shop openings. The move will mark the fourth year in a row where the Co-op has opened a string of new shops.

A spokesman said: “Shifts in consumer shopping trends have seen ease, speed and convenience continue to rise in importance for time-pressed shoppers.”

The UK high street has endured a turbulent year with a series of major retailers falling into administration and a series of profit warnings being announced.

HMV was the latest casualty with the CD and DVD giant collapsed for the second time in six years after falling victim to rising online streaming services and digital sales.

Paul McGowan, executive chairman of HMV and its owner Hilco Capital, said: “Even an exceptionally well-run and much-loved business such as HMV cannot withstand the tsunami of challenges facing UK retailers over the last 12 months on top of such a dramatic change in consumer behaviour in the entertainment market.”

Last week saw HMV appoint administrators KPMG to run the music retailer, which currently trades from 125 stores with some 2,200 employees.

Will Wright, from KPMG, said: “Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale.

“Customers with gift cards are advised that the cards will be honoured as usual, while the business continues to trade.”

In other direct hits for the UK shopping industry, Laura Ashley announced it will shut around 40 stores, while Sports Direct report a 27 percent fall in half-year profits.

New Look, Toys ‘R’ Us, Maplin and Marks and Spencer have also announced major closures in towns across the country this year.

Several others – including Superdry, Carpetright and Card Factory – have all issued profit warnings.



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