One of UK’s oldest department stores to close after 240 years due to rising costs

[ad_1]

ONE of the country’s oldest department stores is closing its doors after 240 years.

Eve and Ranshaw in Louth, lincolnshirewill shut for good on March 4 due to rising costs.

2

One of UK’s oldest department stores to close after 240 yearsCredit: SWNS
The store was first opened 242 years ago in 1781

2

The store was first opened 242 years ago in 1781Credit: SWNS

Tea store has been open since 1781 and has been run by the same family for the last three generations.

The beloved shop started out by becoming one of the first three centers in England making flat weave and reversible carpets.

It, like many high street retailers, struggled to bounce back after the pandemic.

Owner Marcus Sandwith said the current pressure brought on by the cost of living means that the store is “no longer viable”.

Argos to close all its stores in Ireland amid high street carnage
Major burger chain 'to close half of restaurants' under new plans

A statement released by the shop said: “It is with a heavy heart that we close after 240 years of service in Louth. We are immensely proud of our shop and its heritage.

“In recent years we have faced some challenging times with changes in customer shopping habits, lockdown closures, rising business costs and the current cost of living crisis.

“We would like to thank all our customers for your business over the years.

“Eve & Ranshaw could not have been as successful as it was without your support and loyalty.

“Thank you for being with our shop in all its ups and downs.”

Its online services will stop on January 30 and the shop has urged customers to use gift cards and loyalty points as soon as possible.

The news comes as the UK high street is facing tough times as shoppers spend less in shops due to bills and costs increasing.

Retail sales volumes were estimated to have dropped by 1% in December, the second month of decline, the Office for National Statistics (ONS) said today.

The data showed that shopping volumes fell by 3% in 2022 as a whole, compared to a 5.2% increase in 2021.

The proportion of online sales fell to 25.4% in December, from 25.9% the month before.

Several brands collapsed last year after struggling to bounce back from the covid-pandemic.

Last week stationery chain Paperchase said that it is in talks with potential buyers after lining up administrators.

Major burger chain Byron Burger also recently fell into administration and is set to close nine restaurants immediately.

The owners of the chain has said the closures will result in the loss of 218 jobs.

Fashion company M&Co announced its collapse last year after losing the same battle “many retailers” have been fighting.

Wellies store Joules went under as well.

In December, pub chain Wetherspoons announced it would be closing a total of 39 ads after being hit by soaring inflation.

Here, The Sun has put together a full list of retailers that closed last year.

Further popular chains including Las Iguanas, Cafe Rouge and Bella Italia also fell victim to the pandemic.

Online furniture firm Made.com also collapsed towards the end of last year after it failed to find a buyer.

I went shopping at best UK charity shop for bargains - you can save hundreds
Love Island's most dramatic glow ups - from bleached brows to major hair change

Earlier this week Revolution bars announced that 20 of its venues will be closing their doors on Mondays and Tuesdays as, due to rising energy bills.

Around 4,500 pubs in the UK are considering reducing trading hours over winter, according to the British Beer and Pub Association.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk



[ad_2]

Source link

Add Comment