Arcadia planning to close 300 stores
08 November 2010 09:53
Arcadia boss Sir Philip Green is considering closing around 300 smaller shops with the Arcadia empire within three years, according to a report today. Sir Philip is aiming to trim Arcadia's portfolio of 2,400 stores, which includes the Topshop brand, when leases on smaller shops come up for renewal over the next few years, according to The Sunday Times.
It is thought the retail billionaire may look to consolidate niche brands – such as Dorothy Perkins, Burton, Evans and Wallis – within Bhs stores.The group may also seek larger stores for its successful Topshop brand.Sir Philip, who recently finished an efficiency review for the Government, saw his empire return to annual profits growth last year with a 13% hike to £213.6 million for the 12 months to August 29th, 2009.
Profits were helped by record sales in its fashion brands led by Topshop, which launched in New York last April and has been boosted by a design collaboration with supermodel Kate Moss.Sir Philip merged Arcadia and Bhs last year to streamline operations and cut costs.
They had been run as separate businesses since Sir Philip bought Bhs in 2000.He bought the Arcadia group in 2002.Arcadia was not immediately available for comment.
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