Tide Of Shop Closures Continues To Sweep Up Our Once-Prized High Street

Published on: 9 Sep, 2019
Updated on: 11 Sep, 2019

By Hugh Coakley

Two more High Street shops closed their doors in Guildford High Street over the past month. LK Bennett, the upmarket fashion chain shop, finally closed after going into administration in March this year.

And, with another blow to the High Street, Monsoon Accessorize closed its Guildford shop after a company voluntary arrangement (CVA) was agreed with its creditors in July.

Monsoon Accessorize in Guildford closed on Saturday, September 7.

LK Bennett went into administration in March 2019 but was partially bought out the following month, giving hope to its staff that they were safe. But by July signs appeared in the shop window announcing a closing-down sale.

LK Bennett announces a ‘Closing Down Sale’ in July 2019.

Monsoon staff must have also thought they were safe when the CVA, agreed in July, did not envisage any store closures after negotiating rent cuts of up to 65 per cent at 135 of its 258 stores. But the Financial Times reported some stores could be closed at short notice by either the company or its landlord. This would appear to be what has happened with the Guildford shop.

The closure of the Monsoon Accessorize shop leaves the prime location at the bottom of the High Street looking vulnerable. Thomas Cook, just two doors down, closed months ago after 40 years in the High Street.

Thomas Cook and now Monsoon Accessorize closed leaving the High Street and Quarry Street junction looking empty.

Shops continue to battle unfavourable circumstances and the end of High Street closures seems unlikely.

House of Fraser, Debenhams, Arcadia and M&S are all struggling to make headway against online competition and rising costs. Next, Claire’s Accessories, Links of London, Office Shoes, White Stuff, Jack Wills, Russell & Bromley, Vodaphone and The Carphone Warehouse have all reported trading difficulties and reduced profits.

Some Boots store closures are expected in the next 12 months and Waterstones may be leaving the High Street as it negotiates with its landlord. In July this year, Waterstones told The Guildford Dragon NEWS: “We are certain to retain a bookshop in Guildford and no jobs are at risk.”