Cool Britannia, a popular UK souvenir business, is closing its flagship Oxford Street store in yet another blow to high street shopping.
The brand, which boasts stores in a number of popular UK cities, is known for selling a wealth of souvenirs and memorabilia for tourists visiting various places across the country.
A shopper seemingly passing the storefront of Oxford Street took to social media after spotting the closing down sale signs, dubbing it a “sad status report.”
“Cool Britannia in Oxford Street has a closing down sale, reflecting on what's happening to our great country,” the shopper said.
Its other stores, located around the capital including Whitehall and Buckingham Palace, remain open so far. Further afield, shoppers can also buy Cool Britannia souvenirs in cities like Liverpool and Oxford.
Known as the busiest shopping street in Europe, Oxford Street is constantly brimming with crowds of shoppers drawn to spending their money on fashion, electricals, and various other products.
But it has suffered in recent years. Microsoft announced in January it was the latest major brand to pull its retail space from the renowned street. The tech giant announced it was closing its 21,000-square-foot flagship store in February to focus on “digital growth”. The store opened in 2019.
Other major retailers, such as Gap, TM Lewin, Sports Direct and House of Fraser, have closed their Oxford Street locations in recent years.
Despite Cool Britannia’s closure, it’s been reported that just 2% of shop fronts on Oxford Street are vacant at the moment. While this is the lowest vacancy rate on Oxford Street for several years, some brands are still expecting a shakeup in the coming months.
Oxford Street’s Urban Outfitters, Zara, and River Island may all need to relocate or close,according to a report by The Sun that the building owners are thinking to exit their lease and renovate.
While it’s unclear why Cool Britannia’s Oxford Street store is closing down, it also follows a steady trend of shop closures happening elsewhere across the country.
New Look, Select Fashion and WHSmiths are all due to close a number of stores nationwide this month, signaling a declining appetite for shopping in person.
More than 13,000 high street stores shuttered for good in 2024, an increase of more than a quarter compared to the previous year. While many were independent stores, there were also a handful of retail chains like Ted Baker and Carpetwright that were impacted.
Alarmingly, retail experts earlier this year warned that the worst is yet to come, painting a dismal outlook for 2025.
Today, Rachel Reeves confirmed in her Spring statement that the economic forecast for the UK economy was slashed from two percent to one percent.
Cool Britannia has been contacted for comment.
