WHSmith, a 233-year-old book retailer, is set to disappear from the high street after a £76m sale to Modella Capital, rebranding as TGJones and shifting the retail landscape.
The once-iconic book retailer, WHSmith, is set to disappear from the high street after a £76m sale to Modella Capital. The 233-year-old brand will be rebranded as TGJones, marking a significant shift in the retail landscape.
WHSmith is a leading British retailer with a rich history dating back to 1792.
Founded by James Smith, the company initially sold stationery and books from its store in London's Strand.
Over time, WHSmith expanded its product range to include newsagents' items, magazines, and gifts.
Today, the company operates over 580 stores across the UK, employing thousands of staff members.
WHSmith is known for its wide selection of products, including bestselling titles, popular newspapers, and a variety of food and drink options.
A Business in Transition
WHSmith’s high street business, which employs 5,000 staff, has been struggling to keep pace with changing consumer habits and tastes. Despite its efforts to adapt, the company has decided to focus on its travel business, which operates in 32 countries and generates a significant proportion of its revenue.
A New Era for Modella
Modella Capital, the owner of Hobbycraft and The Original Factory Shop chains, will take over WHSmith’s high street stores. The company has chosen the TGJones name to give the same ‘family’ feel as the venerable WHSmith brand. With a portfolio of 800 stores under its various brands, Modella is well-positioned to capitalize on the changing retail landscape.
A Mixed Reaction
The news has sparked a mixed reaction from industry experts and customers alike. Some have expressed concerns about the potential impact on local communities, particularly in areas where WHSmith stores are a major employer. However, others see the sale as an opportunity for Modella to bring new life to the high street.
A Changing Retail Landscape
WHSmith’s departure from the high street is not an isolated incident. The retail industry has been undergoing significant changes in recent years, with many once-ubiquitous brands disappearing or rebranding themselves. As consumer tastes and habits continue to shift, it remains to be seen which retailers will emerge from this transformation unscathed.
The retail industry has undergone significant transformations over the years.
In the past, customers relied on physical stores for shopping.
However, with the advent of e-commerce, online shopping has become increasingly popular.
According to a report by Statista, in 2020, global e-commerce sales reached $4.9 trillion.
The COVID-19 pandemic accelerated this shift, with many consumers turning to online platforms for convenience and safety.
Today, retailers must adapt to changing consumer behavior and preferences, incorporating digital technologies into their business models.
A New Chapter for WHSmith
As WHSmith embarks on its new journey as TGJones, the company is confident that its travel business will continue to thrive. With a strong brand and a loyal customer base, WHSmith is well-positioned for success in the years ahead.
