AN ICONIC lingerie brand with over 50 stores across the UK has pulled down the shutters on its flagship store.
Victoria’s Secret welcomed in customers to its New Bond Street, London, branch for the final time on February 4.
1
A spokesperson for the retailer confirmed the closure, adding it was opening a new branch within the Next store on Oxford Street, roughly two miles away, at the end of March.
Shoppers next nearest Victoria’s Secret store for now can be found in Westfield, London.
News the iconic New Bond Street has shut after opening more than 10 years ago will be taken hard by customers, who have come to brand the store their “favourite” on Google Reviews.
Another said: “It’s a paradise for a woman,” while a third added: “My favourite Victoria’s Secret shop so far.”
Read more in Retail
It follows Victoria’s Secret opening a new store in the Cribbs Causeway Shopping Centre, Bristol, in November.
Victoria’s Secret currently runs 56 stores in total across the UK, including 21 standalone branches.
The retailer, known for selling lingerie, clothing and beauty products, went into administration in 2020 after struggling during the coronavirus pandemic.
But by September that same year, high street fashion chain Next had agreed to buy the struggling brand.
Most read in Money
However, some of Victoria Secret’s branches have since closed, including in Bristol, Leeds and Southampton.
The New Bond Street closure comes just days after Fenwicks closed its iconic flagship store in London.
The retailer shuttered its giant branch in Bond Street, London, on February 3 after opening more than 130 years ago.
Shoppers were quick to mourn the loss of the beloved store, with one saying: “There is no store like this one.
“The owners are lovely, the atmosphere in the store is positive and the long history makes this place truly unique.”
Another fan added: “I can’t believe it! What is going on in London? All the best places are disappearing!”
Why are retailers closing stores?
The reason why shops are closing is not the same for every retailer, as each faces its own unique challenges.
But there are some central issues which have been piling pressure on businesses in recent years, namely high energy costs.
High inflation has seen shoppers’ pockets squeezed too, meaning they have less expandable cash to spend.
Meanwhile, the shift to online shopping has amplified pressure on the high street and retail parks.
Recent figures from the Centre for Retail Research revealed over 10,000 shops closed for the last time in 2023, and almost 120,000 jobs were lost across the sector.
A number of notable retailers closed stores, including Boots, which is massively consolidating its portfolio of branches from 2,200 to 1,900.
Iconic names Wilko and Paperchase both fell into administration last year too, with thousands of staff laid off.
Other retailers have closed stores between them, including Iceland, New Look and the Original Factory Shop.
However, it’s not all bad news for the high street, with a number of retailers opening stores across the UK.
B&M, which currently runs over 650 UK stores, recently announced plans to open 17 more across January and February.
Asda also plans to open 21 new locations before the end of the month as well.
READ MORE SUN STORIES
The retailer said it wants to have 1,000 stores running across the UK and Northern Ireland by March this year.
The Sun asked Victoria’s Secret to comment.
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.
