Waitrose to shut seven stores

Waitrose is closing seven shops in its store portfolio, putting 677 jobs at risk. The retailer has exchanged contracts to sell the freehold for its 14,812 sq ft shop on Burnt Ash Lane in Bromley; the freehold for its 24,467 sq ft shop in Oadby, Leicestershire; its leasehold in Sandhurst, Berkshire, which covers 18,259 sq ft; and a leasehold in Wollaton, Nottinghamshire, covering 22,500 sq ft. The Bromley, Oadby and Wollaton assets are being acquired by Lidl; while an unnamed party is buying the Sandhurst leasehold. Waitrose will also close a further three shops in: Marlow, Buckinghamshire – 8,007 sq ft  Stevenage, Hertfordshire – 14,506 sq ft Waterside, British Airways Headquarters, near Heathrow – 520 sq ft Terms for the latter two leases were due to expire this year. The Stevenage location was also part-freehold. The details of the arrangements are not yet finalised, but the expectation is that the shops will close in the autumn. Waitrose & Partners director of shop trade, Mark Gifford, said: “We haven’t taken this decision lightly, but we have to do what’s right for the business as a whole. Thanks to the hard work of all our partners we’re making good progress, and Waitrose & Partners is on track for profit growth this year but, despite the best efforts of everyone involved, we haven’t been able to find a way to make these shops profitable in the long term. “Our priority now is the wellbeing and future of our partners in these shops. We will do everything we can to support them and will explore opportunities for anyone wishing to remain with the partnership.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette