B&M to close four more stores but warns it has ‘nothing to do’ with diminishing high street
B&M is closing more stores across Britain in the coming weeks, however the discount retailer has warned that it is “nothing to do with the diminishing highstreet”.
The retailer, which sells home goods and electronics, will close four stores in total across the UK – having previously announced the closure of two sites.
According to reports in The Mirror, sites in Newport, Stockton, Kilmarnock and Bristol are to be affected.
Unlike other popular retailers who have been forced to reduce their portfolio due to consumers moving away from shopping on the high street, B&M has urged that the closures are not related to this factor.
In January, H&M revealed it would close four stores due to a rapid change in consumer behaviour.
Instead B&M, which currently has a portfolio of 700 sites, said that the closures are due to new stores opening and other external factors.
It comes as the group reported strong sales growth in the final quarter of last year as consumers were on the hunt for bargains amidst the rising cost of living.
B&M posted revenue growth of £1.5bn during the 13 week period 25 September 2022 to 24 December 2022.
Speaking at the time, Chief Alex Russo said: “Our strong momentum throughout the Golden Quarter across the businesses demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail execution.”
City A.M. has approached B&M for a comment.