Major clothing store with 345 shops nationwide confirms closing down sale as it announces it’s shutting branch
A MAJOR clothing store with 345 shops nationwide has confirmed it will shut down one of its much loved branches.
The store in Consett, County Durham is set to close its doors for the final time next month, prompting concern from residents of the town.
Peacocks has announced a closure date of October 19 for its store in the town.
Notices of the closure have been plastered all over the shop front.
In light of the closure announcement, the store is offering a 30% discount on all goods in a possible bid to clear stock before the final day.
For those who still want to shop at Peacocks after the closure, their nearest outlet can be found in Bishop Auckland.
The news of the shutdown has drawn a collection of dismal responses from local residents, who took to social media to share their unhappiness at the store’s closure.
One member of the Facebook group ‘The Consett Chatterbox’ stated: “Absolutely gutted loved Peacock’s especially with Christmas coming up.
“They always had lovely stock in, ridiculous that Consett’s losing yet another good shop.”
Another local questioned the decision saying: “Absolutely crazy it’s been there forever, love Peacocks, why can’t they just move somewhere else in Consett?
“There’s plenty of empty shops?”
Another member of the group said: “Nothing going to be left. Our high street now is so very run down.”
In agreeing with the sentiment, one member of the group said: “Unfortunately another retailer going.
“‘Use it or Lose it’ springs to mind.”
High streets across the UK have suffered from decline over the past decade.
Since 2018, 6,000 retail outlets have brought down the shutters, according to the British Retail Consortium.
The trade association’s chief executive Helen Dickinson OBE blamed the closures on “crippling” business rates and the impact of coronavirus lockdowns.
This closure, thankfully, is an isolated one for Peacocks and is not part of a trend for the chain nationwide.
In fact in March, the parent company of Bonmarché, Edinburgh Woollen Mill (EWM) and Peacocks was looking to open 100 new UK stores.
The new store openings are expected to create over 500 jobs.
It came just three years after the investment consortium, Purepay Retail Limited, bought all three brands out of administration.
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
The high street has seen a whole raft of closures over the past year, and more are coming.
The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.
Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.
It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.
“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic and Tile Giant.
The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.
However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.
The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.