WH Smith to restructure high street business
| 11 October, 2018
WH Smith announced that it is to restructure its high street business following a fall in profits in its high street business.
WH Smith said it has undertaken a detailed review of its High Street As a result of this review, the retailer will increase the focus on its core categories including stationery; wind down non core trial initiatives including Cardmarket and WHSmith Local; restructure some operational activities; and close around 6 High Street stores, particularly those impacted by onerous leases.
Stephen Clarke, Group Chief Executive, commented: “We had a good year in High Street despite the well documented challenges of the UK high street. During an encouraging second half, the business traded well and we quickly identified the latest trend in the market, becoming a one-stop-shop for all slime related products. Despite this good performance, we are not ignoring the broader challenges on the UK high street and, during the second half, we conducted a business review to ensure our High Street business is fit for purpose now and for the future.”
WH Smith operates 867 travel outlets and 607 high street stores in Britain and 286 units across 27 other countries.