Despite facing recent financial headwinds, discount retailer B&M is expanding its presence across the United Kingdom, a move hailed as positive news for British high streets amidst ongoing store closures.
While the company’s latest financial report revealed challenges, with UK like-for-like sales dipping 3.1% to £4.5 billion in the year ending March 29th and falling an additional 2.4% during the final twelve weeks, B&M’s overall performance remained resilient.
The broader group saw a 3.7% increase in sales, reaching £5.6 billion, bolstered by successful new store openings and strong performance in France which helped offset the softer UK market. However, investor sentiment has been impacted; B&M shares have declined significantly this year, experiencing a 12% drop and a more substantial 37% fall over the past twelve months following a peak at the end of 2023.
According to B&M’s assessment, strong sales in categories like garden products, toys, paint, and stationery were key drivers for their UK operations.
The company intends to open 45 new stores throughout the year. Sixteen locations have already been confirmed:
- Hall Croft, Shepshed, Leicestershire – April 26
- New Rossington, Doncaster, South Yorkshire – May 2
- Eastgate, Louth, Lincolnshire – May 16
- Watling Road, Bishop Auckland, County Durham – May 17
- Bridge Street, Killamarsh, Derbyshire – May 21
- Middlebrook Way, Holt Road, Cromer, Norfolk – May 23
- Linden Park Road, Tunbridge Wells, Kent – May 24
- Tweedmouth, Berwick-upon-Tweed, Northumberland – May 30
- Wyndham Way Retail Park, Portishead, Somerset – May 30
- The Market Hall, The Eden Centre, Carlisle, Cumbria – May 30
- Wrekin Retail Park, Arleston, Telford, Shropshire – May 31
- Horsted, Chatham – June 6
- Queens Parade, Winsford – June 11
- Picton Court, Bridgend – June 14
- Galashiels – June 20
- Antrim – August 19
Recent analysis from PwC paints a broader picture of the UK retail landscape. Their report on store openings and closures in the first half of 2024 revealed that 12,804 outlets belonging to larger chains closed their doors.
“This equates to approximately 35 shop closures each day—a decrease from last year, marking the second-lowest number of closures in a decade. Only in 2022 were closures fewer,” the report stated. “While openings have also slowed slightly, reaching 25 per day, this represents an improvement over pandemic levels but remains below the peak of 34 daily openings observed during the mid-2010s.”
As PwC concludes: “The simultaneous decline in both openings and closures warrants a closer look at the long-term health of the nation’s high streets.
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