This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Boots plans to “reduce duplication” in its store estate
28/06/2023
Details of the planned closures will be released over the coming months
The future of both of the Boots stores in Banbury has come into question after the chain’s owners issued a statement saying they planned to “consolidate a number of stores in close proximity to each other”.
The announcement came within Boots latest financial results, which reported a very strong performance, with retail sales up over 13%.
Banbury FM understands that the vast majority of the stores which will close – more than 85% – are within 5km of another store. Whilst there is no indication either Banbury store will be affected, the outlet at the Castle Quay shopping centre is less than 2km from the store at the Banbury Cross retail park.
Boots have told us they aren’t releasing details of affected stores at the moment, but will share further information on planned closures over the coming months.
They say that 82% of people in the UK will remain within a 10-minute drive of a Boots store following the closures.
In an earnings call with the financial market yesterday, a figure of around 300 store closures was mentioned over the next twelve months. The company was keen to note they would still have 1,900 stores across the UK and this was by no means Boots coming away from the High Street, but rather a plan to reduce duplication in their store estate.
As part of the plan there are no proposed redundancies, with all impacted team members being offered redeployment.
In its statement to the market Boots said: “In addition to uplifting existing stores, over the next year Boots will continue to consolidate a number of stores in close proximity to each other.
“Evolving the store estate in this way allows Boots to concentrate its team members where they are needed and focus investment more acutely in individual stores with the ambition of consistently delivering an excellent and reliable service in a fresh and up to date environment.”
Boots is part of Walgreens Boots Alliance, which is a global leader in pharmacy-led, health and wellbeing retail.
Published: by Banbury FM Newsteam