Trendy fashion chain owned by H&M to shut two stores in DAYS ahead of disappearing from the high street
A TRENDY fashion chain owned by H&M will close two sites in a matter of days in another blow to UK high streets.
Clothes retailer Monki has seven stores in the UK, including a site on London‘s Carnaby Street and in Glasgow.
The brand is known for its colourful designs and is a popular place for trend-conscious Gen Z shoppers to buy low-rise and baggy jeans.
But come next year, shoppers may struggle to find its funky designs, as H&M has plans to integrate the brand with another one of its fashion lines, Weekday.
As part of the process, Monki stores will either be closed or converted into Weekday multi-brand stores.
Representatives from H&M have revealed to The Sun the closure dates of two of its sites in Manchester and Newcastle – and they’re very soon.
Its Newcastle upon Tyne branch in the Eldon Square shopping centre will close for good on January 2, giving customers around two weeks to say their goodbyes.
Meanwhile, its Manchester branch in the Arndale centre will close forever on January 17.
The future of the five other Monki sites remains uncertain, as they could be either closed for good or transformed into something new.
These include:
- London – 37 Carnaby St, Soho, W1F 7DT
- Bristol – Cabot Circus, Concorde St, BS1 3BX
- Birmingham – High Street, 41-43 High Street, B4 7SL
- Sheffield – 108 Pinstone Street, S1 2HQ Sheffield
- Glasgow – Buchanan Galleries, Buchanan St, G1 2FF Glasgow
The Monki brand will remain and will be sold on weekday.com and in Weekday multi-brand stores come 2025.
A previous statement from H&M read: “A limited number of Monki stores are intended to be transformed into multi-brand Weekday destinations, while the others are intended to be closed.”
“The newly formed Weekday multi-brand destination will cater to customers’ high aesthetic standards while embracing their multitude of unique expressions.”
As part of this process, H&M has also revived its Cheap Monday brand after nearly six years off the high street and began selling it online and in selected Weekday stores.
The fashion line was a hit during the early noughties, but H&M axed it in 2018, blaming poor sales.
Weekday has five locations in the UK, all of which are in London.
Like Monki, it is caters towards a younger audience and sells trendy fashion pieces.
WHAT’S HAPPENING AT H&M?
The decision to integrate these brands comes as H&M is battling a tricky retail environment.
Net sales at the retail giant were flat in the third quarter and unseasonable weather over the past few years has impacted overall trade.
The fashion giant also faces increased competition from Zara owner Inditex, which has been dominating the high street in recent years and collaborating with celebs such as Kate Moss.
TROUBLE ON THE HIGH STREET
The news comes amid a challenging time for the whole of the UK’s retail sector.
High inflation coupled with a squeeze on consumers’ finances has meant people have less money to spend in the shops.
Also, the rising popularity in online shopping has meant people are favouring digital ordering over visiting a physical store.
This ongoing trend has seen brands such as Paperchase vanish completely.
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
The high street has seen a whole raft of closures over the past year, and more are coming.
The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.
Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.
It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.
“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic and Tile Giant.
The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.
However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.
The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.