Big closing down sales launched by the shops quitting Monks Cross

Big savings in the fashion retailers who are going. Photograph: Mia Titley
26 May 2018 @ 5.54 pm
| Business, Shopping

It looks like the big stores quitting Monks Cross could be gone sooner than expected.

YorkMix reported in March that shops in the Arcadia Group were not renewing their lease at the York shopping centre in September.

Now Topshop / Topman, Evans, Wallis and Burton have launched closing down sales.

The fashion retailers are promising saving of up to 70% off with ‘new stock arriving daily’.

Another of the shops pulling out, Miss Selfridge, is also holding a sale – but this is not marked as a closing down sale.

Reporting a loss

‘Everything must go’
Evans, Topman, Topshop and Miss Selfridge are all based in unit 12 at Monks Cross Shopping Centre. Outfit, Burton and Dorothy Perkins are in unit 10 next door.

The owners of Monks Cross have applied for planning permission to divide Unit 12 into two smaller units, and extend the mezzanine floors after the stores leave.

In documents submitted to the council it says it’s struggling to find tenants who want such big stores.

70% discounts at Evans

Arcadia is owned by Sir Philip Green’s retail empire, under the parent company Taveta Investments. Taveta reported a 42% drop in profits earliery this month.

Sales were down 5.6% – but online sales jumped 11.5%. On Wednesday, Topshop reported a £10.9 million loss for the year to August 26 2017, as compared to a £59.4 million profit in the prior year. Sales were down by 6%.

Ian Grabiner, the chief executive of Taveta, said: “The retail environment remains highly competitive and challenging.

“The increase in digital sales is taking place at the expense of traditional ‘bricks and mortar’ retailing, as consumers embrace the opportunity to purchase across all the channels available to them.”