‘Sad reality’ shoppers sob as the chain with 62 branches abruptly closes its branch
A HIGH street fashion chain with 62 branches has abruptly closed another store after the takeover by Next.
Joules, known for his boots and raincoats, pulled down the shutters of another store in Stratford.
The Joules branch on High Street in Stratford closed its doors on February 23.
It then bailed out the struggling brand in 2022 after falling into administration.
Shoppers have reacted on social media to the news that the Stratford site is closing.
One said: “It’s a shame and unfortunately the reality of today’s high streets; cities will have to be more creative with how they repurpose these empty spaces!”
Another wrote: “Sad to see Joules in High Street closing today. Another empty unit is created.”
A third simply said: “Oh no!”
While a fourth posted: “It’s not even worth going into town to shop.”
Joules said it hopes this isn’t the end for the brand in the area.
A spokesperson said: “We are currently negotiating contracts for the Joules store in Stratford and our hope is that we will reopen the store with a full refurbishment.”
As part of the £34 million deal, Next secured the jobs of 1,450 employees and 100 stores.
However, a total of 19 stores closed their doors for good.
The Stratford store is one of several other locations to close in the past year as part of restructuring plans.
The Joules store in Oban, Scotland, pulled down its shutters for the last time in February.
While the store in The Lexicon shopping center in Bracknell also closed its doors in January.
Three other locations will close between May and August 2023, including Chelmsford, Harrogate and Nottingham.
In April, Next announced that the relaunch of Joules had been brought forward from March 2024.
It transferred Joules’ online operations to its own in October, five months ahead of schedule.
Next said at the time that the move was aimed at securing “cost savings” at Joules, but that it would mean that “a number of tasks carried out by Joules staff will be absorbed into Next teams or will no longer be required ”.
At its peak, Joules had 132 stores and employed 1,600 people.
Shoppers can browse the full Joules collection on the website.
What other brands has Next saved?
And it is not the first time that retail giant Next has acquired a struggling company.
Made.com was taken out of administration in 2022.
Now Made.com has opened its first physical store since the acquisition.
The fashion giant also recently acquired retailer Fatface for a whopping £115.2 million.
Next’s growing list of retail acquisitions cements the group as one of the most prolific buyers of competing fashion retailers.
In 2023, Cath Kidston was bought by Next after going into administration.
Next started selling Gap clothing online at the end of 2021, after taking over the reins of the high street brand.
It then began selling Gap clothing in stores in early 2022.
A sale to buy struggling lingerie brand Victoria’s Secret was also agreed, saving its UK stores and website.
Earlier in 2022, it took a stake in baby and maternity clothing store JoJo Mama Bebe.
What else is happening on the shopping 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 and more are in the pipeline.
Several major brands have also collapsed, such as Wilko and Paperchase.
Many retail chains are struggling to make ends meet, especially during the Covid-19 pandemic.
Energy costs have risen and more consumers than ever are choosing to order online instead of going to the store.
This leaves some retailers struggling with budgets and having no choice but to close stores to cut costs.
Several major chains are pulling down the shutters for the last time this month.
Boots will close a further ten stores in the coming weeks.
The move by health and beauty retailer Boots is part of plans to close 300 locations.
Matalan closed one of its branches in Leeds on February 24.
main Street Designer brand Kurt Geiger has downed the shutters of its Brighton store.
Fenwick department store too closed its London flagship store on Bond Street on February 3.
Fashion chain of major brands Peacocks closed one of its branches in Bury St Edmunds, Suffolk, last month.
Peacocks is also shuttering its store in Camborne, Cornwall, on April 3 with “a very heavy heart”.
Entertainment retailer HMV also closed its branch in Boston, Lincolnshire on January 27.
And the catering sector has also been hit: pubs such as Wetherspoons and restaurants such as Frankie & Benny’s and Chiquito have closed their doors.
In addition, a total of 56 bank branches will close their doors in March alone.
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