Fashion retailer New Look is closing 90 stores across the UK due to increased business costs, citing Labour's recent tax changes as a major factor. The closures, starting with the Wickford branch in Essex, reflect a broader trend of high street closures driven by post-Covid spending reductions and rising living costs.
Fashion retailer New Look is facing a challenging year as it announces the closure of 90 stores across the UK. Citing the impact of recent Labour tax changes, specifically the lowering of the National Insurance threshold for employers, New Look claims these changes are forcing the company to make difficult decisions. The first store to close will be the Wickford branch in Essex, shutting its doors on January 24th after 15 years in operation.
A New Look spokesperson expressed gratitude to the staff and local community while directing customers to the nearby Basildon store. Despite the store closures, New Look emphasizes its commitment to its online platform and omni-channel approach, claiming a strong online sales performance. The company has invested over £3 million in upgrading select stores to improve customer experience and says it will continue to invest in its online platform. This news comes amidst a broader trend of store closures across the UK high street. Homebase has announced the closure of 13 stores, WH Smith is closing 17 shops by May, and several other retailers, including Quiz and Boohoo, could also face closures in the coming years. The combination of post-Covid spending reductions, rising costs of living, and increased business taxes is putting immense pressure on retailers, forcing them to adapt or face the possibility of shutting down.
New Look Store Closures UK High Street Labour Tax Changes Business Costs Online Shopping Retail Industry
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