WH Smith plans to open 110 new shops in airports, railway stations and hospitals – with more than 50 in US
RETAILER WH Smith plans to open 110 new shops this year in airports, railway stations and hospitals.
More than 50 of them will be in the US and 15 in the UK.
The stationer already has 580 sites in various global travel locations.
UK travel sales grew by 15 per cent in the 20 weeks to January but it’s in the US where the chain has the potential to flourish.
Chief exec Carl Cowling said: “I am particularly excited by the substantial growth opportunities that exist in [the US] market.
“The group is in its strongest ever position as a global travel retailer.”
read more on business
Richard Hunter, head of markets at Interactive Investor said: “WHSmith benefits from ‘captive’ customers in many key sites, such as railway stations, motorway services, hospitals and, in particular, airports.
“The return of near-normality in air travel has been a particular boon to this segment of the group.”
UK high street sales fared less well, falling four per cent.
As a result, the group is aiming to cut costs of up to £10million.
Most read in Business
Russ Mould, investment director at AJ Bell, said: “For as long as people are buying the odd magazine, paperbacks, stationery, wrapping paper or board game, WHSmith’s high street shops stand a good chance of survival.”
DIY SHARES UP
SHARES in DIY chain Wickes climbed 9 per cent yesterday after it said trade demand improved and profits would exceed expectations.
CEO David Wood hailed “robust performance” despite an overall fall of 0.3 per cent in sales in 2023.
Sales were hit by poor demand for larger projects and IT disruption.
HOLIDAYS RISE
HOLIDAY firm On The Beach said the value of holidays climbed by more than a quarter last year, with long-haul operations faring well.
Total transaction value rose by 86 per cent compared to a year earlier, which should help profits hit £30m.
Boss Shaun Morton said: “Consumers still prioritise holidays.”