TK Maxx 'is looking to open 28 new stores' – is your area on the list?

TK Maxx ‘is looking to open 28 new stores’ in huge UK expansion – is your area on their list of target sites?

•  TK Maxx is looking to launch new stores in the UK, introducing smaller branches
•  These include areas such as Archway, Barnet, Elephant & Castle and Watford 

TK Maxx is looking to bring its ‘designer labels at small prices’  in a huge expansion with 28 new locations reportedly planned.

The ‘big brands’ clothing and homeware retailer bid to to launch new stores in the UK which could mean that we will be seeing smaller-format branches opening on our high streets.

Several retail property agents have been approached by the high street giant in locations that it is considering for its store expansion, according to the Evening Standard.

Potential locations include Archway, Barnet, Elephant & Castle, Upminster and Watford.

The new store in Watford, which has been branded the ‘European home’ of the retailer, was confirmed in January by TK Maxx, and is expected to open in the summer at the atria shopping centre.

Several retail property agents have been approached by the high street giant in locations that it is considering for its store expansion

In a statement about the site released in February, a TK Maxx spokesperson said: ‘We chose Watford as our European home almost 30 years ago, so we know the town’s savvy shoppers love big brands and great style.

‘We’ve been working round the clock to secure a fabulous new location in the heart of the town.’

Property consultancies KLM Real Estate and McMullen Real Estate are reportedly working with TK Maxx in their search for new sites.

The apparent site requirements from TK Maxx are for 10,000 to 30,000 square feet of space with the lower end of this scale planned to be much smaller than the company’s usual stores.

As of 2023, TK Maxx has around 58 shops in the capital city and around 350 across the UK.

The expansion could bring much a needed boost for once-bustling British high streets which have faced eroding profits, resulting in empty stores, after being struck hard by the double-whammy of Covid and cost-of-living crisis. 

Demoralising figures released in Jaunary showed that 47 shops closed for good every single day in 2022, in what was the worst 12 months for the high street since 2017.

The expansion could bring much needed reprieve for once-bustling British high streets which have faced eroding profits, resulting in empty stores

According to the Office for National Statistics (ONS), the amount spent on retail in the UK dropped by 0.4% in November last year, despite industry analysts expecting a 0.3% rise.

TK Maxx says that it stocks new products for ‘up to 60 per cent less than the RRP’, and provides a ‘significant discount to the prices in a department store or on the high street’. 

Source: Read Full Article