WHSmith, the beloved high street retailer renowned for its magazines, stationery, and puzzle books for many years, is poised to close down hundreds of its outlets.
As reported by SkyNews, this move would nearly conclude its high street operations, as the retailer shifts its focus toward becoming a premier destination for travel necessities.
WHSmith, officially recognized as WH Smith, has been negotiating with potential buyers over the past weeks, as noted by the broadcaster.
Leadership is expected to announce their plans to the London Stock Exchange next week.
The company has experienced considerable growth in airports, train stations, and hospital settings, with revenue increasing by 7% to £1.9 billion last year. In 2024, it launched 14 travel locations, with an additional eight anticipated in the near future.
Chief Executive Carl Cowling stated in an annual report for shareholders published in November that WHSmith is currently in its ‘most robust position ever as a global travel retailer.’
‘We are consistently making remarkable advancements in this division, expanding our space and diversifying our categories as we evolve into a comprehensive source for travel necessities,’ he remarked.
WHSmith also aims to grow its travel retail stores throughout North America, with 60 new outlets planned. Furthermore, an additional 15 locations are being sought in major U.S. airports.
Conversely, the company’s high street operations have experienced considerable challenges, with profits declining by 9.3% to £39 million.
The global market valuation of the WH Smith group stands at £1.5 billion.
In a statement to Metro, WHSmith confirmed: ‘WHSmith is assessing strategic options for this lucrative and cash-generating segment of the Group, including a potential sale.’
‘Over the last decade, WHSmith has transformed into a specialized global travel retailer. The Group’s Travel division operates more than 1,200 stores across 32 nations, generating three-quarters of the Group’s revenue and 85% of its trading profit from this sector.’
‘There is no guarantee that any agreement will be finalized, and further updates will be provided as necessary.’
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