Major fashion chain with 200 stores abruptly shuts another branch leaving shoppers gutted
A MAJOR fashion chain with 200 stores abruptly shuts another branch leaving shopper gutted.
New Look has confirmed its Bracknell Peel Centre shop closed on January 30.
The news comes shortly after reports emerged that the fashion retailer is accelerating plans to close nearly 100 stores, following challenges linked to the Autumn Budget tax changes.
Since then The Sun has reported a total of five stores have shut their doors or been earmarked to close in the coming weeks.
A New Look spokesperson said: “Our store at Bracknell Peel Centre closed on January 30th.
"We would like to thank all of our colleagues and the local community for their support over the years.
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"We hope customers continue to shop with us online at Newlook.com, where our full product ranges can be found.”
Local residents have wasted no time expressing their disappointment over the closure on social media.
One posted on a local group and said: "Does anyone know about the New Look at the Point? Has it closed indefinitely?"
Tow which two dozen residents responded, expressing their disappointment.
One replied: "No way! It's better than the Lexicon branch."
Another wrote: "I went to go there yesterday and was shocked to see it shut! Didn't see any warnings about it. Way better than the Lexicon one."
A third commented: "No way! Loved this one."
While a fourth posted: "I went to go today and was surprised it was empty!"
A fifth said: "Such a shame, don't like the one in town."
"I'm gutted, been gong to the one at the Point for years," another wrote.
It comes shortly after its Essex branch shut on January 24.
Plus last week we reported that the New Look store in Porth, Rhondda Cynon Taf, will shut down for good on February 22.
New Look has also confirmed its St Austell branch in Cornwall will close Tuesday, March 4 with signs in store reading "it's time to say goodbye."
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The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025."
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
"By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
What's happening at New Look?
New Look is ramping up a store closure programme ahead of April's National Insurance hike.
Approximately a quarter of the retailer's 364 stores are at risk when their leases expire.
This equates to about 91 stores, with a significant impact on it's 8,000 strong workforce.
The company has restructured its store estate twice in the past six years, reducing its portfolio from around 600 UK stores in 2018.
For the time being, stores remain open as usual, and no final decisions regarding closures have been made.
The move to accelerate store closures is understood to be driven by the forthcoming increase in National Insurance, announced by Chancellor Rachel Reeves in October.
Employers currently pay NICs for most workers earning more than £9,100 a year.
The sum they pay is the equivalent of 13.8% of the employee's earnings above that threshold.
For an employee earning £30,000, the employer would pay NICs of £2,884.20.
However, in the Autumn Statement, the Treasury announced it would increase the tax rate to 15% and reduce the threshold at which firms must pay to £5,000.
The British Retail Consortium has predicted that these changes will create a £2.3billion bill for the sector.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025."
A New Look spokesperson said: "Our store estate is an important part of our business, alongside our best-in-class website and app.
"We have recently invested over £3million in our stores in Greater Manchester to trial new omnichannel initiatives to improve customer experience.
"We also continue to invest in our thriving online platform which has resulted in a strong online sales performance, with volumes significantly outpacing last year and an improved online margin."
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"On occasion we do have to close stores, either due to the landlord’s request or because the site becomes unviable.
"However, we always remain on the lookout for appropriate new opportunities across the country and continue to invest in our existing store estate."
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