Threat to future of key Melton town centre store
The future of Melton Mowbray’s WH Smith store is in doubt after the chain announced it was exploring selling off its high street shops.
The Market Place shop is a key retailer in the town centre, having sold books, magazines, music and stationary there since 1954.
Sales in the company’s high street stores dropped by six per cent in the 21 weeks leading up to January 25, a vital trading period in the lead-up to Christmas.
WH Smith, which has been trading in the UK for 233 years, also reports that sales have been strong in its travel outlets, such as airports, motorway services and railway stations.
The chain employs 5,000 people in its high street stores and it is unclear what would happen to them if those shops are sold off.
Reacting to speculation that its high street stores could possibly be sold off, WH Smith said in a statement: “WH Smith PLC notes the recent press speculation regarding its High Street business.
“WHSmith confirms that it is exploring potential strategic options for this profitable and cash generative part of the Group, including a possible sale.
“Over the past decade, WHSmith has become a focused global travel retailer.
“The Group’s Travel business has over 1,200 stores across 32 countries, and three-quarters of the Group’s revenue and 85 per cent of its trading profit comes from the Travel business.
"There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate.”