A number of major retailers have announced that they are set to close most - if not all - of their shops by the end of the year.
It comes after a number of reasons from physical stores not being saved as well as administration issues. And on top of this, shopping habits began to change after the pandemic leading to many people shopping online.
As a result, major retailers such as Debenhams, Topshop, Thorntons, Disney, Dorothy Perkins officially shut up some of their shop permanently.
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Many stores across Scotland set to close include the likes of TK Maxx, New Look and M&S - however this may not apply to Glasgow with some stores thankfully remaining.
According to the Office For National Statistics (ONS) retail sales fell by 0.5 per cent in November 2022, as reported by the Daily Record, before falling a further one per cent in December 2022, with sale volumes being 1.7 per cent below their pre-coronavirus February levels.
What retailers are closing in 2023?
Paperchase
High-street stationary chain Paperchase will close a number of Scottish stores - including Glasgow's Buchanan Street store.
Despite being rescued by Tesco just hours after it collapsed into administration on January 31, the deal did not include physical stores. This means that the company's products will now be stocked at Tesco stores.
It also means that whilst the Glasgow store will therefore be shut down, the Silverburn and Braehead store will also see closures.
T2 Tea
T2 Tea have recently announced that all of their UK stores will be closing this month including their branch located on Buchanan Street.
A statement explained: "Since 2014, we’ve been building our beloved community of tea enthusiasts in the Northern Hemisphere. However, due to unprecedented changes over the past few years, we’ve made the decision to close all operations in the United Kingdom.
"We’d like to thank our dedicated sippers for their support over the years. Be sure to keep an eye out for a sale announcement."
All stores will be closing on February 20 with the online store open until February 22 of this year.
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M&Co
M&Co have entered administration for the second time in just over two years with the clothing chain confirming Scottish stores are among those affected.
A statement on their 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."
According to the chain's website, they have two stores across the city - one in Milngavie and another in Newton Mearns with other stores dotted around Scotland including Ayr, Paisley and Wishaw.
A spokesman for Teneo told fashion magazine Drapers, who first reported on the news, said: "Like many retailers, the company has experienced a sharp rise in its input costs, which has coincided with a decline in consumer confidence leading to increased pressure on cash flows and trading losses.
"No immediate redundancies have been made and the joint administrators are exploring a potential sale of the business in an accelerated timeframe, during which time the company will continue to trade from its stores and website."
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