New Look confirms branch closure amid rumours it will ‘speed up’ plans to close 100 shops
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.From April, employers will have to pay national insurance for staff at a rate of 15%, up from 13.8%, and the threshold at which they begin to pay the tax has also been lowered.

For the time being, all of New Looks’ stores remain open as usual, and no final decisions regarding closures have been made.The Essex store will welcome in customers for the final time on January 24 in a blow for the high street.Greggs, Halfords and Sainsbury’s have also said prices may be hiked to account for the rise in employer NICs.Since then, the retailer has twice restructured its store estate and now has 364 shops.
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They added: “We would like to thank all of our colleagues and the local community for their support over the years.The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.A number of factors have seen the industry struggling, including the rise of online shopping and lower footfall to stores, the coronavirus pandemic and the increased cost of living for households.Independent retailers across the UK have been hit particularly hard.
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Falling store sales and rising staff costs have made it even more expensive for shops to stay open. 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.Boss Stuart Machin recently said that when it relocated a tired store in Chesterfield to a new big store in a retail park half a mile away, its sales in the area rose by 103 per cent.
The Sun’s business editor Ashley Armstrong explains why so many retailers are shutting their doors.Retailers often open and close shops for a number of reasons, including leases expiring and them being situated in under performing areas.”We hope customers continue to shop with us at our nearby Basildon store, whilst our full product ranges can also be found at newlook.com.”
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Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.Other retailers have stayed afloat but have decided to downsize their store portfolios, like Boots.In recent years, a number of major chains have collapsed into administration leading to the closure of hundreds of shops.The Centre for Retail Research has described the industry as going through a “permacrisis” since the 2008 financial crisis.Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and storiesA spokesperson for the chain said the Wickford branch was closing “at the landlord’s request”.NEW LOOK has confirmed one of its branches will shut amid rumours it will accelerate on mass store closure plans.
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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.But it’s not all been bad news across the sector, with a number of retailers including B&M, Aldi and Lidl announcing in recent years plans to open hundreds of branches between them.
Why are retailers closing shops?
In 2018, New Look traded with almost 600 stores in the UK. Yesterday, we reported New Look could close almost 100 shops following the Government’s Autumn Budget tax raid.