Latest news with #departmentstore
The Sun
7 hours ago
- Business
- The Sun
Popular 200-year-old British department store to RETURN to high street after shutting its doors just months ago
A POPULAR 200-year-old British department store is set to return to the high street in months after shutting earlier this year. The historic Jolly's, in central Bath, will reopen in Spring 2026 after being taken on by Morleys Stores Ltd. 2 2 Contractors Bray and Slaughter have now kicked off restoration works on the iconic building, which is owned by Bath and North East Somerset Council. Renovations will be carried out on the outside of the shop first, including roof and window repairs, with drainage refreshed as well. The inside of the building, which first opened in 1823 and is found on Milsom Street, will then given a makeover. Councillor Mark Elliott, cabinet member for Resources, said: 'We are investing significantly in restoration of the building so it can continue to benefit future generations of Bath residents and visitors. "I'll be taking a very active interest in progress as work is carried out to preserve the historic fabric of this flagship building." Jolly's, which was previously owned by the Frasers Group, closed its doors for good in February. The announcement of the closure was made in December 2024, with a major closing down sale launched in the following months. But the shop was taken on by Morleys Stores this Spring, who signed a lease to take over the site and return it to its former glory. The company, which owns department stores across the UK, has confirmed Jollys will reopen in two phases – a soft launch in March 2026, followed by a full reopening in October. Bosses say the store will feature fashion, beauty, and homeware, including brands never before seen in Bath. Britain's retail apocalypse: why your favourite stores KEEP closing down Allan Winstanley, chief executive of Morleys, said: 'We're thrilled that work is underway restoring Jolly's to its former glory. "We're extremely proud to be another step closer to taking stewardship of Jolly's and creating a world class shopping experience for the people of Bath and its many visitors." Grant Jefferies, managing director of Bray and Slaughter, added: "Growing up near Bath, Jolly's has been a constant presence on Milsom Street during my life and to have the opportunity to showcase our technical skills and deliver a project which will secure a future for the site is a challenge my colleagues and I are proud to be entrusted with." Other retailers making a return to the high street The retail sector has been hit hard in recent years, with thousands of shops closing across the UK. The Centre for Retail Research has described the sector as going through a "permacrisis" since the 2008 financial crash. In 2024 alone, more than 13,000 high street stores were shuttered for good, according to the Centre. But some retailers are bucking the closure trend and making a return to the high street. Shirtmaker T.M. Lewin is gearing up to open more stores in London, Manchester and Edinburgh after opening one branch in the English capital. It comes after the chain collapsed into administration in 2020, then for a second time in 2022. Meanwhile, Cath Kidston opened a new store in October after falling into administration in June 2023. Wilko has re-launched on the high street too after going bust in 2023. The major brand and feature on high streets shut hundreds of stores after calling in administrators. Its new owners, CDS Superstores, have opened branches across the UK. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
Yahoo
6 days ago
- Business
- Yahoo
B.C. mall owner offers $6 million for three Hudson's Bay leases: court documents
New court documents show the B.C. mall owner hoping to buy dozens of Hudson's Bay leases has offered $6 million to take over three of the properties the department store used in malls she owns. The filing says Ruby Liu Commercial Investment Corp. offered $2 million each for Bay leases at Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre in B.C. Liu owns all three of the malls under her Central Walk business and has bid on up to 25 other leases held by the Bay. However, lawyers for the Bay have asked a court to approve the transfer of leases only for the three Central Walk locations so far. Liu declined to say how much she has offered for the other locations, but says $6 million for three stores is an average price. She will use the properties to open a new, modern department store that will also include entertainment, food and children's play spaces. This report by The Canadian Press was first published June 17, 2025. Tara Deschamps and Nono Shen, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RNZ News
13-06-2025
- Business
- RNZ News
Smith and Caughey's shutting its doors after 145 years
business life and society 27 minutes ago After 145 years iconic Auckland department store Smith and Caughey's will close its doors for the final time this Sunday at 4pm. The closure was set for the end of July but Aucklanders have been snapping up the discounted items almost all of the stock is gone. Reporter Louise Ternouth spoke to Lisa Owen.
RNZ News
12-06-2025
- Business
- RNZ News
Auckland department store Smith and Caughey's unveils final window display
Soon to close Auckland department store Smith & Caughey's has unveiled it's final Queen Street window display after 145 years. The curtains were pulled back at 3:30pm on Thursday, where a projector played a slideshow of images commemorating the iconic store's heritage and people. It accompanied another window display that was revealed on Wednesday, which reflects on Smith & Caughey's origins. Smith & Caughey's historical window display showing store's history. Photo: RNZ/Calvin Samuel Photo: RNZ/Calvin Samuel Photo: RNZ/Calvin Samuel About a dozen staff members came outside together to watch the display unveiling. Smith & Caughey's acting chief executive Matt Harray was approached by RNZ, but declined to comment. It comes as the department store's closing date was moved forward to 4pm Sunday, after originally being set to shut its doors on 31 July. "It is with a heavy heart that we announce our official closure, 4pm Sunday 15 June 2025. Until then, we welcome you instore for one last shop, a friendly chat and perhaps a shared memory or two," said Smith & Caughey's on social media. The post went on to say that the final Smith & Caughey's Queen Street window display, "shines a light on the rich history of our business, and our people". Photo: RNZ/Calvin Samuel The store had announced in May that it intended to close, with 98 staff being made redundant. Smith & Caughey's closed its Newmarket store last year and had reduced its Queen Street store to one floor. At the time, the company cited increased competition from new shopping malls, continued economic uncertainty and low consumer confidence and spending power has contributed to their closure. Smith & Caughey's also said many city office workers were continuing to work from home post-Covid. Photo: RNZ/Calvin Samuel They said the city centre has also faced significant disruption and change in the form of ongoing roadworks and the slow progress of CRL causing traffic congestion. The company said a large decline in foot traffic on Queen Street and an increase in parking costs had caused an impact, forcing the "heartbreaking" closure of the entire business. Photo: RNZ/Calvin Samuel "We are acutely aware that this has been a difficult and uncertain time for our staff and today's announcement is a deeply emotional one for all the team, our suppliers and our loyal customers," Harray said at the time in a statement. "Our intention has always been to address the business challenges so that Smith & Caughey's can continue. Every attempt has been made to achieve this and every feasible option investigated, no stone left unturned. "However, it's sadly clear it is no longer viable for us to keep the doors open." Photo: RNZ/Calvin Samuel Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
12-06-2025
- Business
- RNZ News
Auckland department store Smith & Caughey's unveils final window display
Soon to close Auckland department store Smith & Caughey's has unveiled it's final Queen Street window display after 145 years. The curtains were pulled back at 3:30pm on Thursday, where a projector played a slideshow of images commemorating the iconic store's heritage and people. It accompanied another window display that was revealed on Wednesday, which reflects on Smith & Caughey's origins. Smith & Caughey's historical window display showing store's history. Photo: RNZ/Calvin Samuel Photo: RNZ/Calvin Samuel Photo: RNZ/Calvin Samuel About a dozen staff members came outside together to watch the display unveiling. Smith & Caughey's acting chief executive Matt Harray was approached by RNZ, but declined to comment. It comes as the department store's closing date was moved forward to 4pm Sunday, after originally being set to shut its doors on 31 July. "It is with a heavy heart that we announce our official closure, 4pm Sunday 15 June 2025. Until then, we welcome you instore for one last shop, a friendly chat and perhaps a shared memory or two," said Smith & Caughey's on social media. The post went on to say that the final Smith & Caughey's Queen Street window display, "shines a light on the rich history of our business, and our people". Photo: RNZ/Calvin Samuel The store had announced in May that it intended to close, with 98 staff being made redundant. Smith & Caughey's closed its Newmarket store last year and had reduced its Queen Street store to one floor. At the time, the company cited increased competition from new shopping malls, continued economic uncertainty and low consumer confidence and spending power has contributed to their closure. Smith & Caughey's also said many city office workers were continuing to work from home post-Covid. Photo: RNZ/Calvin Samuel They said the city centre has also faced significant disruption and change in the form of ongoing roadworks and the slow progress of CRL causing traffic congestion. The company said a large decline in foot traffic on Queen Street and an increase in parking costs had caused an impact, forcing the "heartbreaking" closure of the entire business. Photo: RNZ/Calvin Samuel "We are acutely aware that this has been a difficult and uncertain time for our staff and today's announcement is a deeply emotional one for all the team, our suppliers and our loyal customers," Harray said at the time in a statement. "Our intention has always been to address the business challenges so that Smith & Caughey's can continue. Every attempt has been made to achieve this and every feasible option investigated, no stone left unturned. "However, it's sadly clear it is no longer viable for us to keep the doors open." Photo: RNZ/Calvin Samuel Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
