Boots, Cineworld and Tesco set to close more stores by the end of the month
Figures from the Centre for Retail Research revealed that 1,846 store closures and 23,982 job losses took place in the first half of 2024.
After a busy summer, some retailers, including Tesco, Boots and Cineworld, have announced they will be shutting down several locations, although some sites will be replaced by brand-new branches.
Boots
Boots announced last year its plans to close a total of 300 stores in the UK after a “difficult” year of sales. The pharmacy giant has shut 290 branches since 2023, and the 10 remaining ones are expected to close in the coming weeks, according to The Sun.
Despite pharmacy users’ attempts to save some sites, Boots has defended the move and explained that most closures took place in areas where there is another store nearby. It is believed the 10 remaining pharmacies will close after their store lease expires this autumn.
Commenting on the closures last year, Boots’ owner Walgreens Boots Alliance, said: “Evolving the store estate in this way allows Boots to concentrate its team members where they are needed and focus investment more acutely in individual stores with the ambition of consistently delivering an excellent and reliable service in a fresh and up to date environment.”
Cineworld
Cineworld recently revealed plans to close six UK sites in the coming months as it enters the first phase of a major restructuring plan.
A spokesperson for the brand explained: “We are implementing a restructuring plan that will provide our company with a strong platform to return our business to profitability, attract further investment from the group, and ensure a sustainable long-term future for Cineworld in the UK.”
Cineworld sites closing this autumn
- Glasgow
- Bedford
- Hinckley
- Loughborough
- Yate
- Swindon
Tesco
Tesco announced it will temporarily close one of its superstores in High Wycombe, Buckinghamshire, between October 2024 and autumn 2025.
A spokesperson said: “Our superstore will reopen in autumn 2025 with a refreshed look and feel, which we’re excited to share with customers.”
Tesco stores closing this autumn
- High Wycombe, Buckinghamshire – closing October 2024
Retail expert and founder of the online e-commerce platform Wethrift, Nick Drewe, commented on the growing issue of store closures, saying: “Walgreens announced earlier this year that they are set to close 300 stores as part of a broader effort to consolidate its operations, which will come into play throughout October. Boots operated 2,200 stores across the UK, employing approximately 55,000 people at the start of this year, but as it stands, it has reduced its footprint to 1,990 locations.
“The combined effects of COVID-19 and Brexit have placed significant strain on the UK retail sector, with many major brands either entering administration or reassessing their business and marketing strategies. Like Boots, numerous companies have resorted to store closures as a means of staying afloat. The ongoing cost of living crisis has led consumers to reduce spending on non-essentials, particularly on luxury items.
“While inflation has reached its lowest level in over two years, both businesses and consumers continue to feel the residual effects of these economic challenges, which are being experienced not only in the UK but globally. This comes after it was announced that the average household bills in Britain will be increasing yet again, by 10 percent in the fourth quarter of 2024, followed by a further 10 percent at the start of 2025.
“As a result, this has contributed to the unstable market, forcing companies, including Boots, to take necessary steps to ensure their survival. The closure of 300 stores could jeopardise many jobs. However, there is hope for the future. Boots’ current owners are exploring ways to transform the brand to withstand the decline of high-street retail. A renewed focus on expanding its presence in the premium beauty sector, coupled with the potential acquisition by new owners, could offer the brand a fresh start.
“Consumer habits have also shifted, which can be a direct cause of why so many high-street stores are forced to close. The rise of online shopping has reduced the necessity of maintaining a large number of physical stores. Boots, like many other retailers, has had to adapt to this shift to align better with modern shopping habits
“Moving on from this, by Boots looking to revise its business strategy, it could eventually boost profitability, ensuring greater job security for employees. By Boot’s aiming to strategically focus on more niche sectors, such as premium beauty, pharmacy and health services, it will give them a competitive edge and potentially strengthen its presence on the high street and therefore increase its market share.”
Express.co.uk has contacted Boots for comments
