Arcadia boss Sir Phillip Green has told the BBC that his company Arcadia plans to close around 260 stores during the course of the next few years.
Arcadia, which umbrella’s high-street stores such as Topshop and BHS has seen annual profits down to £133m and UK sales down by 1.8%. Worldwide sales were also down by 3.4%, with sales decreasing by 4.4% since the beginning of this financial year.
Speaking to the BBC, Green told the BBC that the closures would come as and when store leases would come up for renewal, but there might be other opportunities that turn up which the company may want to open.
Green said the he felt the warm weather has definitely made trading more difficult. With the hottest October and November in history the demand for warm winter wear is down, meaning that retailers are struggling to shift the anticipated volume of winter goods
He also commented that he felt the current economic climate has resulted in buyers wanting more value for their money. “I do believe everybody today is more financially aware than they’ve ever been in their life.” He said.
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