Iconic brand closes 'favorite' flagship store for the last time after ten years
AN ICONIC lingerie brand with more than 50 stores in the UK has pulled down the shutters on its flagship store.
Victoria's Secret welcomed customers to its branch in New Bond Street, London, for the last time on February 4.
A spokesperson for the retailer confirmed the closure, adding that a new branch opened at the Next store on Oxford Street, about two miles away, at the end of March.
Shoppers closest to the Victoria's Secret store for now can be found in Westfield, London.
News that the iconic New Bond Street has closed after opening more than a decade ago will be taken hard by customers, who have started to label the store as their 'favourite' on Google Reviews.
Another said: “It's a woman's paradise,” while a third added: “My favorite Victoria's Secret store yet.”
It follows Victoria's Secret opening a new store in Cribbs Causeway Shopping Centre, Bristol, in November.
Victoria's Secret currently has a total of 56 stores in the UK, including 21 standalone locations.
The retailer, known for selling lingerie, clothing and beauty products, declared bankruptcy in 2020 after struggling during the coronavirus pandemic.
But by September of the same year, fashion chain Next had agreed to buy the struggling brand.
However, some Victoria Secret branches have since closed, including in Bristol, Leeds and Southampton.
The closure of New Bond Street comes just days after Fenwicks closed its iconic flagship store in London.
The retailer closed its massive branch in Bond Street, London, on February 3, after opening more than 130 years ago.
Shoppers were quick to mourn the loss of the much-loved store, with one saying: “There's no store like it.
“The owners are nice, the atmosphere in the store is positive and the long history makes this place really unique.”
Another fan added: “I can't believe it! What's going on in London? All the best places disappear!”
Why are retailers closing their stores?
The reason why stores are closing is not the same for every retailer, as each retailer faces its own unique challenges.
But there are some central issues that have increased pressure on businesses in recent years, namely high energy costs.
High inflation has also shrunk shoppers' wallets, leaving them with less expandable money to spend.
Meanwhile, the shift to online shopping has increased pressure on high streets and retail parks.
Recent figures from the Center for Retail Research show that more than 10,000 stores will close for the last time in 2023 and that almost 120,000 jobs will be lost across the sector.
A number of notable retailers have closed their stores, including Boots, which is massively consolidating its branch portfolio from 2,200 to 1,900.
Iconic names Wilko and Paperchase also fell into administration last year, with thousands of staff laid off.
Other retailers have closed stores among themselves, including Iceland, New Look and the Original Factory Shop.
It's not all bad news for the high street, however, with a number of retailers opening stores in the UK.
B&M, which currently operates more than 650 UK stores, recently announced plans to open a further 17 stores in January and February.
Asda also plans to open 21 new locations before the end of the month.
The retailer said it aims to have 1,000 stores in Britain and Northern Ireland by March this year.
The Sun asked Victoria's Secret for comment.
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