In a significant move that will reshape the UK high street, Boots has announced its decision to close 300 stores across the country over the next 12 months.
According to Sky News Boots’ store portfolio is set to decrease from the current count of 2,200 to 1,900 after the closures. Despite the sizeable reduction, the company reassures that there will be no “proposed” job losses. Staff members at the affected stores will be offered work at nearby branches.
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Interestingly, this decision to close stores comes on the heels of a sales increase of 13.4% in the three months leading up to May 31. This surge was largely driven by customers increasingly choosing own-brand products, including an exceptional quarter for No7.
Boots‘ parent company, US giant Walgreens, stated last year that no interested party had made an offer that “adequately reflects the high potential value of Boots,” after plans to sell Boots were abandoned. However, there are rumours that plans to sell or float the business might have been reignited this year, as the parent company faces pressure to refocus on its domestic business.
Which boots stores are closing?
The company has yet to announce the specific locations that will face closures. The driving force behind this decision seems to be a desire to consolidate the business, particularly where stores are in close proximity to each other. By doing so, Boots aims to concentrate its team members where they are most needed and focus investment more acutely in individual stores. The company has yet to announce the specific locations that will face closures.
