Various retailers across Edinburgh are set to close soon, as high streets across Scotland face losing many big-name brands.
Stores in Edinburgh will see their demise hit this Spring, as retailers like Paperchase and TK Maxx have confirmed that they will be closing stores down in the capital, reports the Daily Record.
Businesses across the UK have reported a recent decline in sales, as the cost of living crisis forces households to tighten their purse strings. This news comes as Edinburgh Live took a stroll along Princes Street to note the big-name stores that have closed in recent months, such as Debenhams and the iconic Jenners.
There are approximately eight buildings for let or lease on Edinburgh's Princes Street - with very few in development to become new stores. Stores like Topshop and Jenners have shut down for good, with hotels and restaurants to be put in their place.
On Princes Street, the Debenhams is currently undergoing a demolition job inside, with workers on hand at the time of writing destroying the inside of the old department store. The old Debenhams building will be turned into a luxury hotel with a large spa, as proposed plans were accepted in 2021.
According to the Office For National Statistics (ONS) retail sales fell by 0.5 per cent in November 2022 before falling a further one per cent in December 2022, with sale volumes being 1.7 per cent below their pre-coronavirus February levels.
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A decline in sales is not the only reason stores are closing this year, as some retailers have confirmed that closures are down to lease agreements and normal business.
Read on below to find out all about the stores that are planning to close their doors in Edinburgh in 2023.
What retailers are closing in 2023?
M&S
Marks and Spencer's is set to shut its Edinburgh Meadowbank Shopping Park store after failing to renew its lease. This M&S location is set to cease trading in the Spring, as staff will be offered roles at various stores across the capital.
In a statement, Emily Butterfield, regional manager for M&S, said: “Following discussions with our landlord, they have decided the lease on our Meadowbank outlet store will end and we have today announced to colleagues that it will sadly be closing in the Spring.
“Our priority is to support our colleagues through these changes, and our aim is to look for roles in nearby stores. The way people shop is changing, and we are reshaping our store estate to respond to this.
“In the last three years, we’ve unveiled two of Scotland’s first new-look food halls within our Edinburgh Gyle and Straiton stores and we selected our Princes Street store to offer a bespoke Jaeger collection.
“We want to thank both our brilliant colleagues and our loyal customers who can continue to shop in our seven other stores across the city including our Princes Street store less than two miles away.”
M&Co
Scottish clothing brand M&Co has confirmed that they will be closing all 170 stores across the UK this Spring, after collapsing into administration at the end of 2022.
M&Co's store in Edinburgh's Cameron Toll Shopping Centre will close, as well as Bathgate's shop on Hopetoun Street.
The company, based in Renfrewshire, used to operate as a pawnbrokers known as Mackays. Its 46 stores in Scotland will all close for good.
M&Co headed into administration during the Christmas period last year, and was bought over by AK Retail Holdings, owner of Yours Clothing. This deal did not include physical stores, however, so they will close over Spring.
M&Co's statement on Facebook read: "Unfortunately we haven't received the news we would have hoped for during our administration period, and would like to share this news with you.
"As we haven't received any funded, deliverable offers that would result in the transfer of the company's stores or staff to a potential buyer, this means that all of our stores will close."
Paperchase
Popular stationary retailer Paperchase is closing all of its stores across Scotland - despite Tesco rescuing them from administration.
The retailer was bought over by the popular supermarket just hours before it was set to collapse into administration on January 31. However, the deal did not include physical stores, so the Paperchase brand will now be stocked at Tesco stores, and standalone stores to close for good.
Edinburgh's George Street Paperchase and the Morningside location will close permanently. You can still shop online here.
TK Maxx
TK Maxx and Homesense have announced that they will close a few stores across the UK, as one store in Edinburgh is included in this list.
The retailer is set to close its Edinburgh Meadowbank Shopping Park Location this week on Wednesday, February 15 after the building's landlord decided to pull the lease.
A TKMaxx spokesperson has said the aim will be to offer all associates "roles in other local TK Maxx and Homesense stores."
New Look
Fashion retailer New Look confirmed last week that it was closing the doors to six stores across the UK, with one store in Scotland affected by these closures.
The store in Kirkcaldy shut earlier this month, as bosses stated this was a "normal course of business". A spokesperson for New Look told the Daily Record: "As part of the normal course of business, New Look occasionally closes sites, but also opens new stores when the right opportunities arise.
"While a small number of stores have closed in recent months, our most recent new openings were in November 2022 and we have plans for further openings in the first half of this year."
New Look shoppers can still grab items online here.
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