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Retailer Spotlight - Whistles continues a good song

 

Posted At: 29 June 2018 14:00 PM
Related Categories: Retailers

 

In a retail world currently full of negativity, it is pleasing to read that contemporary high street retailer Whistles is targeting 33 new store openings throughout the UK and Ireland.

Plans for the roll-out come as Whistles continues its turnaround strategy, which sought to reduce its loss-making outlets, direct costs and overheads having reported a loss of £6.1m for the 52 weeks to 30 January 2016.

Whistles attributed its £6.1m loss to the cost of launching menswear, expanding in the US and re-platforming its website; all positive moves for the future, requiring an injection of capital. Shortly after this, Whistles called in advisers at KPMG to prepare for a sale of the chain, and subsequently South Africa’s Foschini Group acquired a majority stake in March 2016.

In its accounts filed in December 2017 for the 62 weeks to 1 April 2017, Whistles reported total sales rose by 18% to £68.9m and that it had reduced its pre-tax losses to £3.7m for the 62-week period.

At the time, Foschini said the acquisition will provide “significant investment” for Whistles and opportunities for the brand to continue to develop its online presence, grow its retail portfolio, and accelerate international expansion.

Now, Whistles has appointed Brasier Freeth to find units of between 800 and 1,500sqft, and said that “attractive and quirky properties will be considered”. Whether this includes any store relocations remains to be seen, but this news will provide a definite boost for the property lying vacant in the wake of store closures throughout the country.
 

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