Fans are all saying the same thing about the stores, and the WHSmith name will go off the high streets for the first time in 233 years after agreeing to a £76million sale deal and name change.
Many of us will remember the days of popping into WHSmith for school supplies, to find a new book, or look for a greetings card. But sadly, hundreds of the best-known retail stores will disappear from the high street.
The owner of nearly 500 WHSmith stores has agreed to sell the UK chain to Hobbycraft owner Modella Capital in a £76million deal. Like many businesses following Covid-19 and the impact of the rising cost of living crisis has left the stationary retailer struggling. The WHSmith will name will disappear after 233 years from town centres.
Under Modella Capital’s ownership, all the 480 stores and 5, 000 employees that run high-street businesses will relocate. Additionally, the company revealed that the stores will rebrand as TGJones. If the sale proceeds, it is thought that the Post Offices will remain inside the stores.
Earlier this year, WHSmith CEOs confirmed that they were considering a “potential sale” of its high street stores in order to concentrate on its travel locations. Over the previous few months, the retailer had been slowly closing high street locations, starting with its first store in 1792. This year, there are nine stores in locations like Basingstoke, Winton, Rhyl, and Bolton, with the final six of those stores scheduled to close in April, at least six.
Many shoppers are saddened by the news that the nostalgic high street name is leaving, but others claim they have not been surprised by the decision.
READ MORE: Funky Pigeon future in doubt as WHSmith bosses look to flog it after £76m sale
After Good Morning Britain shared an update on the sale on Thursday morning – and a segment was shared on X – fans rushed to comment their thoughts.
One customer responded, “Hardly surprising, they sell overpriced items that can be purchased from Amazon for half the price.” One person continued, “Nobody shops there anymore,” while another continued, “Nobody shops there.” Another chimed in, “Too expensive and not moved with the times,” while another chimed in, “Sad, but everything is expensive.”
Another customer wrote, “Last time I entered a WHSmith was before the pandemic,” and that they had not been to the store for years. understaffed and overpriced.
One more person concurred and said, “When I was younger, I always shopped there, but their prices kept going up, so I looked elsewhere for better deals.” I only occasionally visit to pick up greeting cards.
Another person remarked, “Sadly, their business model is incredibly outdated and the pricing is ridiculous. They haven’t changed to meet customer needs. Shame because the magazine and book sections are excellent, but the price of 7 pens for 2 is “a bit high.”
Another person expressed their concern about the decline in the high street name, saying that nostalgia was a significant contributor to what was keeping their name alive. They have simply eliminated the nostalgia. They have three years, I say.
This is a crucial time for WHSmith as we continue to fulfill our strategic goal of becoming the largest global travel retailer as we transition from a business primarily focused on travel, according to Carl Cowling, Group Chief Executive. We are constantly innovating to deliver strong returns and satisfy the needs of our customers and partners while operating in 32 fast-growing markets.
“Our travel business currently accounts for 85% of the group’s trading profit and revenue, or about 75%. We are in our strongest ever position to increase growth as we advance as a pure play travel retailer because of the continued strength of our UK travel division and the size of the growth opportunities in both North America and the rest of the world.
“Our UK high street business has sunk significantly less than the WHSmith Group as our travel business has grown.” High Street has a strong management team, which is profitable, and generates a lot of cash. Given our rapid expansion abroad, it’s appropriate to bring a new owner into the high-street store and allow the WHSmith leadership team to concentrate solely on our travel division.
I wish the High Street team the best of luck. I’m excited about the Group’s future prospects as a simplified, travel-focused group. We are well-positioned to deliver significant growth and value for all stakeholders with a clear strategy, a strong balance sheet, and operations in high growth and attractive markets.
Source: Mirror
Leave a Reply