The owner of fashion retailer Phase Eight could shut as many as 400 stores as it seeks to reduce costs and respond to shifting consumer shopping habits, according to reports.<\/p>\n
TFG, the South African retail giant that owns the womenswear brand, has already announced plans to close more than 100 underperforming outlets as part of a sweeping restructuring programme.<\/p>\n
However, South Africa’s News24 reports that the company could ultimately close as many as 400 stores across its broader portfolio, as the continued growth of online shopping heaps mounting pressure on bricks-and-mortar retail.<\/p>\n
The news comes as Phase Eight grapples with its own difficulties on the high street.<\/p>\n
In its most recent annual results, TFG stated that the brand’s performance had been “heavily impacted over several years” by the decline of department stores.<\/p>\n
When TFG acquired Phase Eight in 2014, approximately 70% of the brand’s sales were generated through department store locations. The collapse of Debenhams in 2021 dealt a significant blow to that model, forcing many concessions and stores to close.<\/p>\n
The retailer also cautioned that trading conditions in both London and Australia had been “more challenging than expected”.<\/p>\n
Earlier this week, Phase Eight confirmed the closure of its St Andrews, Scotland outlet, where a closing down sale is already under way.<\/p>\n
The fashion chain has also previously shut stores in Dundee and Perth.<\/p>\n
TFG disclosed the potential closures as part of a broader cost-cutting drive, following a sharp decline in profits. The group revealed that online sales continue to surge, with digital revenue climbing by more than 30% over the past year.<\/p>\n
Meanwhile, traditional high street retailers have been battling sluggish consumer spending, mounting operating costs and shifting shopping habits as an increasing number of customers migrate to online purchasing.<\/p>\n
While TFG has yet to confirm whether further UK stores face closure, the company stated it would press ahead with reviewing underperforming sites as part of its wider restructuring drive.<\/p>\n
The retailer operates thousands of outlets across Africa, the UK and Australia, spanning a broad portfolio of fashion, homeware and lifestyle brands.<\/p>\n","protected":false},"excerpt":{"rendered":"The owner of fashion retailer Phase Eight could shut as many as 400 stores as it seeks to…\n","protected":false},"author":2,"featured_media":57711,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[4154,28166,28164,10249,28165,5,6],"class_list":["post-57710","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uk","tag-high-street","tag-online-shopping-trends","tag-phase-eight","tag-store-closures","tag-tfg","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116707543127387959","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/57710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=57710"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/57710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/57711"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=57710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=57710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=57710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}