NEXT is planning to close 11 stores this year in a huge blow to shoppers.
The high street chain said it expects to close 11 of its stores this year.
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Next said six of the closures are taking place because it expects the stores won’t reach their target margins.
Two of the closures are due to site redevelopments, while the remaining three are taking place because an agreement couldn’t be reached with the site’s landlord.
It comes after Next closed its store Westfield Stratford City earlier this year.
The Sun has asked Next for the locations of these upcoming closures and we will update this story once we hear back.
But it’s not all bad news, as Next also announced that it has opened five new Clearance stores in the last six months.
Next Outlets are not like normal Next stores.
They feature a selection of outlet products, past season collections and clearance items at discounted prices you won’t find anywhere else.
News of the store shake-up came in Next’s half-year results, published today.
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The fashion and homeware giant has bumped up its profit expectations for the third time this year after seeing sales boosted by warm weather and rising wages.
It also said it plans to put up its prices by less than expected over the rest of the year as its business costs come down.
Prices are now expected to rise by about 2% over the autumn and winter season, Next said, lower than the 3% increase it had previously forecast.
Many households and businesses have been battling soaring inflation, which is impacting prices in shops.
But the UK’s inflation rate fell again in August to 6.7%, according to the latest figures from the Office for National Statistics (ONS).
Inflation measures how much the prices of goods and services have changed over time.
Falling inflation doesn’t mean that prices aren’t rising, but pressures on household incomes and businesses are easing slightly.
When it goes up, prices on everyday items and essentials from groceries to fuel to transport costs increase – which means you’ll pay more just to get by.
The news comes after Next snapped up Cath Kidston, which is known for its kitsch floral designs, in February this year.
Next told shareholders it will buy the brand name, domain names and intellectual property for the business for £8.5million.
Next has been known to save failing companies from administration.
In November last year, it bought furniture store Made.com.
Made, which employed around 600 people, sold its brand, website and intellectual property to the clothing and homewares retailer.
Next started selling Gap clothing online in late 2021, after it took over the running of the high street brand.
It started selling Gap clothing in stores in early 2022.
It also agreed a sale to buy struggling lingerie brand Victoria’s Secret in a move that saved its UK shops and website.
And earlier this year, it took a stake in baby and maternity clothing retailer JoJo Maman Bebe.
Meanwhile, we’ve rounded up all the high street chains closing sites in September.
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