A POPULAR retailer is set to shut its Oxford Street store – and has launched a closing down sale.
News of the closure was revealed by a disgruntled customer – in what he described as a “sad status report”.
Taking to Facebook, he posted a snap of Cool Britannia, a gift shop in central London, with “closing down sale” signs in the window.
In a passionate caption, he wrote: “Cool Britannia retail in Oxford Street has a closing down sale, reflecting on what’s happening to our great country.”
The company runs several souvenir shops across the country – including those in London, Liverpool, Oxford, Canterbury and Kent.
It specialises in patriotic memorabilia, with each store reflecting the city or town in which it is based.
The Liverpool branch sells Beatles-themed items for example, while its Edinburgh store, called Great Scot, has a range of Scottish-themed gifts.
Within London, the chain also operates the stores Majestic Gift – next to Buckingham Palace – and Fancy That Of London – next to the British Museum.
Cool Britannia is well reviewed on Google Maps, holding a 4.2 rating from 58 reviews.
One pleased shoppers said: “Their products are beautiful and distinctive”.
Another added: “Very friendly staff and a good collection.”
A third said: “Several stores of this chain in London.
“Ideal for purchasing quality souvenir products.”
While it is presently unclear why Cool Britannia is closing down, it is not the only store that has been struggling in the area.
Data suggests that more than 2 per cent of space on the road, which is Europe‘s busiest shopping street, is currently vacant, according to analytics group CoStar.
While this is the lowest level since 2017, it comes as a number of flagship stores warned they would struggle to remain open on the popular stretch of road.
Zara, River Island and Urban Outfitters could be forced to move or shut up shop entirely when their leases end.
The three shops all share a building whose owners are looking to renovate.
Swarovski, Bershka, Life Pharmacy and Pandora also operate from Park House, which is nestled on the famous London road.
According to claims in a Westminster City Council planning document, all seven businesses intend not to renew their leases once they expire.
However, a spokesperson for the jewellery brand Pandora said no decisions about the leases had been made yet.
RETAIL PAIN IN 2025
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
In January, it was also announced that Microsoft would be ending its lease early on its flagship Oxford Street location.
The enormous store closed for good last month in order to “focus on digital growth”.
A spokesperson for Microsoft added: “We regularly review our locations and our workforce to ensure we are aligning to market opportunities and make changes to meet the demands of the business.”
The Sun has also contacted Cool Britannia for comment.
Earlier this year, many businesses said they may be forced to leave the premier shopping district when their leases end[/caption]
