A POPULAR discount retailer has announced it is shutting down another store following a string of closures.
Poundland is pulling down the shutters on its site in Lowestoft Retail Park.
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A spokesperson for the retailer confirmed it will close on May 22 after it was unable to renew the lease.
Shoppers have been left devastated after hearing the news of the closure.
One said: “What a load of cobblers.”
A second wrote: “I’m so gutted it’s closing if anything I’d of preferred if they closed the one in town as its so small.
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“That way move staff over to the retail park one.”
A third commented: “That’s a shame more people are losing jobs in this current climate.”
A fourth posted: “Sorry but you know the local economy is in trouble when even Poundland closes.”
A fifth said: “Another retail shop closing, Poundland retail park.. lease is up and rents increasing end of May will be closed… staff member information.”
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It comes after Poundland in Jarrow closed for good after it was converted from a former Wilko on April 20.
The chain has shut down nine former Wilko locations just months after bringing them back to life.
The discount retailer took on 71 new locations when its rival fell into administration last year.
Poundland also closed its store in Colwyn Bay, Wales, on January 5 and a branch in Basingstoke on December 31.
But the closures come amid major expansion plans for the retailer.
The retailer did open up 80 stores in the last quarter of 2023.
Since then new stores have opened in Perry Barr, Leith, Biggleswade, Bridgwater and Norwich.
This weekend, a new store is also set to open up in Wandsworth, London.
The popular discounter has around 800 branches across the UK, and it is giving a makeover to 150 locations.
Many stores are getting additional features such as chilled food ranges and baby and kids clothing sections.
The store upgrade is part of a huge new makeover project that the chain is calling “Project Evo” and some renovations have already been completed.
This includes sites in Urmston, Greater Manchester, Wolverhampton, West Midlands and Leeds Crown Point.
In total, 150 stores will receive makeovers by August 2024 – we have the full list.
After the alterations, all the stores will offer more baby and kids clothing for parents on a budget.
The introduction of chilled food will give shoppers the chance to pick up items from Poundland’s popular frozen food ranges.
Shoppers will also be able to pick up Poundland’s £3 meal deal in each location.
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.
What else is happening on the high street
Many retailers have had to make changes in recent times in a bid to survive the cost of living crisis.
We have seen several big losses in the last 12 months including popular discounter Wilko and stationary brand Paperchase.
This year, health and beauty chain The Body Shop fell into administration and announced the closure of many of its 200 stores.
Almost 500 staff are set to lose their jobs after 75 stores were earmarked for closure.
Plus, clothing retailer Ted Baker fell into administration in March 2024 too, with 15 stores having shut by April 19.
Other retailers such as Iceland, Boots and Matalan have been slimming down the number of stores they have in their portfolio.
Just this spring Boots is closing a total of nine sites, as part of its wider plans to get rid of 300 locations.
These closures will see the retailer’s total shops reduced from 2,200 to 1,900.
This has upset a lot of locals in the affected towns, however, the health and beauty chain has said where stores are closing there is an alternative shop less than three miles away.
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If you are concerned about your favourite store disappearing from the high street we have the full list of shops and supermarkets set to close in May – check if your local is affected.
Retailers closing stores in 2024
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 are also taking a toll, and many high street shops have struggled to keep going.
Here’s a list of all the big-name brands closing stores this year:
- Argos – The brand announced plans to close 100 standalone UK branches last year as it looks to move away from the high street and focus on expanding its presence in supermarkets.
- B&Q – The chain has over 300 shops across the UK, so chances are you have one near you, but some stores have closed in recent months.
- Boots – The health and beauty chain announced that it would be closing 300 stores last July. Closures are ongoing and this will see the retailer’s estate reduced from 2,200 to 1,900 shops.
- Clintons – Clintons mulled plans to close 38 shops in a bid to avoid insolvency late last year. We’ve listed the stores affected.
- Costa Coffee – The caffeine giant has around 2,000 sites nationwide, so chances are you’ll have one near you. The chain has shut the doors to dozens of its sites recently. We’ve revealed which stores are due to close this year.
- Iceland – The supermarket has more than 900 stores but closed nearly two dozen sites in 2023, and more selected shops are due to shut.
- Lidl – The supermarket, which has 950 stores, is changing up shop locations, which has meant that some stores have to close. But the retailer is also looking to open 12 new supermarkets.
- M&S – M&S, which runs 405 stores across the country, has been closing a string of branches across the country in a blow for shoppers. It’s not all bad news, though, because the chain also has big plans to open dozens of new shops as well.
- Trespass – The firm announced in July last year that it was closing six branches, but more are on the way.
- WHSmith – The retail giant, which runs over 1,100 stores, has shuttered eight stores since March 2023, but more are coming.
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