Yahoo Finance Boots 'could shut 200 stores' in another blow to high street
Boots has denied it has plans for a wave of imminent store closures after a report suggested it could shut down more than 200 branches across the UK.
A source told Sky News a significant number of branches of the pharmacist could be shut down over the next two years by its US owner. Walgreens Boots Alliance (WBA).
A Boots spokesman said the company did not “currently have a major programme” of such cutbacks, but told Yahoo Finance UK it need to be “agile” and “realistic” about the future. He also said under-performing stores were under review.
In April, WBA announced in its second quarter results that it needed a fresh action plan to cut costs after sales declined at Boots UK by 1.3%, citing challenging market conditions.
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The group said it planned to reduce the Nottingham head office personnel costs by around 20%.
Such a wave of closures would be another huge blow to the struggling high street if the reports prove to be accurate. An insider told Sky News some of the sites being targeted would close at the end of their leases.
A Boots spokesman said: “We currently do not have a major programme envisaged, but as you'd expect we always review underperforming stores and seek out opportunities for consolidation.
”As is natural with a business of our size, we have stores opening, closing and relocating on a regular basis, but we have had around 2,500 stores open for several years now.
”In fact we’re investing in our stores – last year, we completed a huge merchandising project to update our self-selection cosmetics areas in 2,200 of our stores.
”We have recently announced the planned opening of a new flagship store in Covent Garden, London and the reinvention of our beauty business in 24 stores across the UK.
”We are being realistic about the future and that we will need to be agile to adapt to the changing landscape.”
