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Honest view on this is that this is long overdue. There are a very great number of 'High Streets' up and down the country that just do not function as high streets anymore. The surrounding shops will have either closed or been converted in to fast-food outlets.
All retailers are seeing the same trends - as Customers move online and that older generation who would otherwise rely on the old high street formats 'die-off' there are no local consumers who want to go in to an old school travel agency to book a holiday. Also because of the environmental changes at the local high street level, there is no footfall or passing trade.
Additionally, as products are generally more accessible and cheaper online more Customers choose to do their research online for Holidays, and in that research journey are ever more likely to just buy on line and save themselves the 'hassle' of walking/driving to their nearest high street, to visit a very uninspiring/old/tatty looking store to book a holiday.
The trend will only continue and with TC having a huge legacy estate due to acquisition, they probably had double the number of agencies in the wrong place, on the wrong high streets, serving the wrong demographics.
Given the way Commercial rent is being obliterated recently and the accelerated ending of many very long leases, it makes absolute sense if you have agencies with onerous lease obligations, that are making a loss, need investment and are in areas with declining footfall - the only option is to exit and hope as many of those visitors will either migrate online or to the nearest TC that remains open.
And yet they have opened a brand new super store at Middlebrook in Bolton why ho why
Companies are in business to make money.
If a shop is losing money for an extended period, it's in the companies interest to shut the shop.
This is business logic Mr. Kane.
It's not rocket science.
Did they not do that when (or if) you worked ?
Steve, still assuming everything in life is black and white I see! Read the statement carefully - they are closing stores which don't have sufficient footfall anymore and where the leases expire. In the same way as banks close, if there are no customers walking through the door, it's clearly the only option to close. Opening new stores where there is sufficient footfall is obviously a very wise commercial triumph to be celebrated.
Bring back Manny!