‘Another blow’, shoppers are complaining now that a major retailer is permanently closing its store
A major fashion retailer will close another store this spring as a result of the latest blow to the shopping streets.
TK Maxx confirmed it is closing a city center store after shoppers questioned why the store abruptly stopped trading weeks ago.
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The popular store has more than 350 branches throughout the country, more than 80 percent of which are in England.
But it has now announced it will close its Solihull store, located in the city’s Mell Square.
TK Maxx has decided to end the lease on the local store following a temporary closure for maintenance, a Solihull Council spokesperson said.
Initially, the store chain offered no explanation for the ‘temporary’ closure in the week of February 12.
The baskets remained piled up inside, with reports of product recalls and entire racks of clothing, leaving customers confused by the sudden closure.
After weeks of silence, local shoppers were disappointed by the measure and took their frustrations to social media.
A former employee wrote: “I’m devastated to hear the store has closed.
“I worked there for just over seven and a half years and made many friends with the staff.
“One of the best places I’ve worked. It definitely won’t be the same without it.”
Another person commented: “What a shame!!! I loved that store! The Solihull branch was different from other branches.
“I will miss it immensely! I hope a decent store will follow what we all need and not a bank, restaurant or furniture store!!! Mini Primark maybe?”
But despite the branch closures, TK Maxx, along with sister store Homesense, will continue to trade from their larger Shirley store in the Sears retail park in Solihull.
A spokesperson for TK Maxx confirmed the news to The Sun: “This year, TK Maxx is proud to celebrate 30 years on the British High Street and we continue to invest in communities across the country through new store openings, relocations and modernization of our existing store. network.
“Occasionally we have to make the difficult decision to close a retail location when its lease expires, as is the case with the TK Maxx Mell Square store in Solihull.
“If we close a store, we aim to offer all our employees positions in nearby Homesense or TK Maxx stores.
“We thank our loyal Mell Square customers who can still enjoy big-brand bargains at our TK Maxx at Sears Retail Park and also find more stores or shop online at tkmaxx.com.”
CRISIS ON THE HIGH STREET
Retailers have been feeling the pressure since the pandemic, as shoppers cut back on spending due to the rising cost of living.
High energy costs and the move to online shopping after the pandemic are also taking their toll, with many high street stores struggling to continue.
The high street has seen a slew of closures in the past year, with more to come.
The number of jobs lost in UK retail fell last year, but 120,000 people still lost their jobs, figures show.
Figures from the Center for Retail Research show that 10,494 stores will have closed for the last time in 2023 and 119,405 jobs will have been lost in the sector.
It was fewer stores than had been lost in recent years, and a decrease from the 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
While some big names on the high street were lost, including Wilko, many major companies had already gone bankrupt before 2022, the center said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost of living crisis, inflation and rise in interest rates have prompted many consumers to tighten their belts, causing retail spending to fall,” said Prof Bamfield.
“Retailers themselves have faced rising energy and occupancy costs, staff shortages and declining demand, making rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Besides Wilko, which employed around 12,000 people when it went bust, the biggest failures of 2023 include UK Flooring Direct, Planet Organic and Tile Giant.
The Center for Retail Research said most stores were closed as companies tried to reorganize and cut costs rather than face bankruptcy.
However, experts have warned that more bankruptcies are likely this year as consumers tighten their belts and borrowing costs for businesses soar.
According to official figures, about 14% of bankruptcies last year occurred in retail businesses.