WH Smith considers axing its high street stores after 230 years
WH Smith considers axing its high street stores after 230 years
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Retailer looking to focus on travel branches, which rake in most of the firm’s profits. WH Smith is in talks to sell its high street shops, the historic British retailer has announced. The company’s first store was opened in Little Grosvenor Street in London 230 years ago. It grew into one of the major staples of the British high street with more than 520 branches currently open across the UK, selling largely books, stationary, and greeting cards.
But the firm has now been in talks with prospective buyers for its high street stores - which employ around 5,000 people - as it looks to focus on its travel branches. In a statement, the firm said it is “exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale,” a statement said.
The past decade has seen the retailer focus on its more fruitful travel business operating from airports, train stations and hospitals - with its high street business accounting for only 15 percent of the annual group trading profit. The first travel store was opened in London’s Euston station in 1848.
“Over the past decade, WH Smith has become a focused global travel retailer,” the statement said. “The group’s travel business has over 1,200 stores across 32 countries, and three-quarters of the group’s revenue and 85% of its trading profit comes from the travel business.
