In a move aimed at increasing efficiency, high-street retailer Boots has revealed plans to shut down 300 stores across the country.
The decision to reduce the company’s portfolio comes as Boots aims to reduce the company’s portfolio by removing stores that are already located near other branches. This will result in the total number of stores decreasing from 2,200 to 1,900.
Surprisingly, this decision comes on the heels of a positive sales boost for the retailer, with a significant 13.4% increase in sales during the three months ending in May, compared to the same period in 2022.
Commenting on the quarterly results, Boots stated, “Over the next year, Boots will continue to consolidate a number of stores in close proximity to each other. This strategic evolution allows us to focus our resources where needed and invest more efficiently in individual stores, aiming to consistently deliver excellent service in a modern and updated environment.”
The affected branches, which are currently running at a loss, will be closed gradually over the next year. However, a detailed list of the impacted stores is yet to be published.
This move follows previous store closures by Boots over the past year, as well as the closure of over 200 stores within an 18-month period starting in 2019.
In a similar vein, Lloyds Pharmacy recently announced the closure of 237 branches located within Sainsbury’s supermarkets across the UK.
While the exact impact on Boots’ current workforce of 52,000 employees is yet to be determined, this decision marks a significant change for the company and the high street landscape.
