Sir Philip Green has told the BBC that Arcadia is set to close up to 260 stores over the next three years. The announcement comes just as the consumer crescendo up to Christmas should be reaching its peak. Greens empire comprises Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop, Wallis and BHS. While Topshop continues to perform well (phew!), many of the other stores are flagging.
Green explains that the closure of stores is a necessary step as VAT increases coincide with a general drop in sales throughout the country. This is our first blip in 9 years, said the retail tycoon, Its only really in this last year where I think everything has tightened up across the globe and weve seen the market place just become tougher. It's one further blow to a high street that is already struggling in the throes of a double dip recession.
Said Green, Were going to have to drive hard like everybody else.More