Fashion retailer New Look is set to close nearly 100 high street stores, with several locations shutting down within days. According to The Sun, the closures are part of a larger downsizing effort, with rising costs, tax changes, and economic pressures forcing the retailer to cut back on its physical presence.
Shoppers in Gateshead and St Austell will see their local stores shut by early March, following the closure of locations in Loughborough, Wickford, Bracknell, and Porth in recent weeks. New Look currently operates 364 stores, but around a quarter of these could be at risk once leases expire, putting thousands of jobs in jeopardy.
Why is New Look Closing Stores?
The closures come amid increasing financial pressure on retailers, with the upcoming National Insurance tax hike for employers adding to operational costs. The British Retail Consortium estimates that these changes could cost the sector an additional £2.3 billion, forcing many businesses to rethink their store strategies.
A spokesperson for New Look acknowledged the importance of its store network but admitted that some closures were necessary.
“On occasion, we do have to close stores, either due to the landlord’s request or because the site becomes unviable. However, we always remain on the lookout for appropriate new opportunities across the country and continue to invest in our existing store estate.”
Despite the closures, New Look has invested £3 million in its Greater Manchester locations, trialling new ways to integrate online and in-store shopping.
New Look and the Wider Retail Struggles
New Look is not the only high street brand struggling to maintain its presence. Other major retailers, including WHSmith, Boots, and Homebase, have also announced significant store closures as they navigate rising costs and declining foot traffic.
Retail experts predict that 2025 could see an even larger wave of closures, with the Centre for Retail Research warning that over 17,000 stores could shut this year, surpassing the already worrying 13,000 closures in 2024.
As consumers remain cautious with their spending and operational costs continue to rise, the future of many high street retailers, including New Look, remains uncertain. While shoppers in affected areas are making the most of closing-down sales, the loss of another major retailer is a significant blow to the UK’s high streets.
