H&M has closed one in five of its UK stores as part of measures to cut costs, leaving 192 stores. It has closed 56 stores since its pre-pandemic peak. The retailer is looking to focus greater investment on its online channels and address the rising costs faced by the retail sector.
Fashion retailer Mango has opened its first store in Newcastle, at the Eldon Square shopping centre. Mango’s latest expansion plans seek to “strengthen its presence in the UK”, beyond its current estate of over 40 company-owned, franchise and concession sites. Part of the new store’s sustainable provision includes a Committed Box, where customers can donate unwanted clothing and shoes.
DIY brand Wickes is set to expand into parts of the UK where it does not currently have a strong presence. The retailer plans to open up to five new stores a year over the next six years, bringing its estate from 230 to 260 stores. Wickes chief executive David Wood said the company would be approaching expansion in a “disciplined” way, adding that stores “tend to be sited in quality retail parks— we’re not a big-box, out-of-town or high street player, but there’s not a high vacancy rate there.”
Last week’s Autumn Statement announcement included an extension to business rates relief for another year. Relief for the hospitality, retail and leisure sectors will increase from 50% to 75%, up to £110,000 per business. VAT for hospitality will remain at 20%, despite calls from the sector to lower it. Hospitality businesses are also awaiting news on future energy costs support; the government is set to publish a review by the end of this year.