Eight south London Shoe Zone stores are at risk of closure as the company revealed that it plans to close 20 stores this year.
Shoe Zone has been a part of many UK high streets for over a century since it was first established in 1917.
The retailer currently has 297 stores nationwide, with eight in south London, and employs a staff of 2,250 across its stores.
But some of these stores face risk of closing soon as the retailer announced it would be permanently closing 20 of these stores this year.
It has not yet been confirmed by the retailer which of the 297 stores would close and if any of the closures would be south London stores.
The retailer said that these closures were a result of “challenging trading conditions” that they say have increased following the recent Autumn 2024 budget.
A statement from the retailer said that they would face “significant” additional expenditures as a result of the increase to National Insurance and National Living Wage, resulting in the closure of 20 of its stores.
Currently the retailer is assessing which of its stores have “become unviable”.
The south London stores at risk
Shoe Zone told the News Shopper that it would not be commenting on which of its stores will close at this current time.
Anthony Smith, Chief Executive of Shoe Zone, said: “Shoe Zone has experienced very challenging trading conditions, principally a weakening of consumer confidence and unseasonal weather, both of which have decreased revenue and profit.
“Consumer confidence has weakened further following the Government’s budget in October 2024. The Company will incur significant additional costs due to the increases in National Insurance and the National Living Wage, resulting in the closure of 20 stores that have now become unviable.
“We are very grateful to our teams in these stores for their continued dedication and hard work over the years and are doing all we can to support them.
“We remain committed to serving customers via our extensive store network and online.”