A HIGH street chain with 350 sites is set to close a “great” branch in just days.
Peacocks will be pulling the shutters down on one of its sites this week and shoppers are devastated.
2
2
The shop in Camborne, Cornwall, will be pulling down the shutters for the last time on April 3, with “a really heavy heart”.
Peacocks revealed news of the closure through a post on its Facebook page and shared an image of a closing-down sign in the store window.
The post said: “It’s with a really heavy heart that we have to announce that we are currently closing down. Our final day of trade is April 3, 2024.
“We would like to thank every single customer who has walked through our doors and supported us over the years.”
READ MORE IN MONEY
Locals flocked to the comments and shared their disappointment at the news.
One branded the move “another nail in the coffin”.
A second wrote: “Such a shame. You’ve worked so hard to drum up sales too.”
A third commented: “So sorry to see this. It can’t go on like this. We need change.”
Most read in Money
New Stores Sprout on UK High Streets in 2024: Retail Resurgence
While a fourth said: “Bloody hell Peacocks not been in Camborne that long in the grand scheme of things, such a shame, why is this happening?”
“Going to be nothing left in Camborne anymore,” another declared.
Are other Peacocks stores closing?
Peacocks collapsed into administration in 2020 and was forced to close just over 200 of its 400 stores.
The chain was rescued in April 2021 and was able to keep its remaining stores open, saving 2,000 jobs.
But recently it has announced several other closures on the way.
Most recently, it is shuttering its branch in Boscombe, Bournemouth, on April 6 in a blow for locals.
The retailer closed its store in Merthyr Tydfil high street in Wales on March 23.
Its shop in Ashford’s County Square Shopping Centre in Kent also closed on March 23.
The Peacocks branch in Clarendon Square Mall in Hyde, closed for good on March 16.
It comes after Peacocks closed its branch in Bury St Edmunds, Suffolk, on January 25.
But it’s not all bad news, in October last year, the chain revealed it had plans to open seven new stores across Wales, England and Scotland.
It did not confirm the exact opening dates for the new stores.
Full list of Peacocks closures in recent months
PEACOCKS has shuttered several branches over the past few months, below is the full list
- Bury St Edmunds, Suffolk – January 25
- Clarendon Square Mall in Hyde – March 16
- Merthyr Tydfil, Wales – March 23
- County Square Shopping Centre, Ashford, Kent – March 23
- Camborne, Cornwall – April 3
- Boscombe, Bournemouth – April 6
What else is happening on the high street?
Retailers have also 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 on the way.
Several major brands have also collapsed, such as Wilko and Paperchase, The Body Shop and Ted Baker.
Many high street retailers have been struggling to get by, especially during the Covid-19 pandemic.
Energy costs have risen and more shoppers than ever are choosing to order online rather than head into stores.
This has left some retailers grappling with budgets and have no choice but to close stores to cut costs.
Several big-name chains are pulling down the shutters for the final time this month.
Boots is set to shut another 10 shops in the coming weeks.
The move by health and beauty retailer Boots forms part of plans to close 300 sites.
Joules, known for its wellies and raincoats, pulled down the shutters on another of its stores in Stratford.
Matalan closed down one of its branches in Leeds on February 24.
High street designer brand Kurt Geiger has pulled down the shutters on its shop in Brighton.
Department store Fenwick also shut its flagship London store in Bond Street on February 3.
Entertainment retailer HMV also shuttered its branch in Boston, Lincolnshire, on January 27.
READ MORE SUN STORIES
Nespresso shut three town centre outlets in March, leaving shoppers worried about where they can recycle their used capsules.
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 UK Flooring Direct, 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.
Last year, around 14% of insolvencies were in retail businesses, according to official figures.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories.
