Boots, the retail chain, has announced its decision to close 300 of its stores within the next 12 months. This news comes on the same day that its parent company, Walgreens Boots Alliance, reported strong retail sales and growth for Boots.
Although the specific locations of the affected stores have not been disclosed, the company stated that it will consolidate branches that are in close proximity to each other. After the closures, there will be a total of 1,900 Boots branches remaining in the UK.
There are no anticipated job losses as employees will be offered positions at nearby Boots stores. Additionally, the majority of the closing outlets are situated within a three-mile radius of other branches.
In the third quarter of its financial year, Walgreens Boots Alliance reported that Boots experienced a growth of 13.4% compared to the previous year, marking nine consecutive quarters of increased market share.
Overall, Boots UK witnessed a sales growth of 10.2%. The surge in online sales surpassed the growth in physical store footfall. However, the parent company revised its annual earnings forecast downward, citing cautious consumer spending and a preference for greater value due to high inflation.
Just over a year ago, Walgreens Boots Alliance scrapped its plans to sell the UK chain of pharmacies. Earlier this month, it was revealed that Michael Snape, the Chief Financial Officer of Boots, had resigned in May after serving in that position for almost five years.