Mountain Warehouse promises to open 50 new stores amid wave of closures: 'We're doing well!'
Mountain Warehouse has promised to open 50 new stores
PA
Mountain Warehouse has promised to open 50 new stores in a win for the UK's high streets and retail parks amid the recent wave of store closures.
This comes following a return to profit and is another sign the country's economy is on the road to recovery.
According to the retail group, it has opened 20 stores over the past six months and has a “strong” pipeline of new locations earmarked for openings.
In its latest financial results, Mountain Warehouse returned to profit over the year to February 2024 as more consumers returned to stores.
It posted a £26.2million pre-tax profit for the year, a sharp jump from a £1.5million loss the year before.
According to Mountain Warehouse, which employees around 3,700 individuals, it was bolstered by record sales over the last 12 months.
Do you have a money story you’d like to share? Get in touch by emailing money@gbnews.uk.
Britain's high streets have been hit by a wave of store closures as of late PAOverall, revenues over the period rose by four per cent to £386 million, buoyed by a 7.1 per cent improvement from its stores sales.
In the last year, Mountain Warehouse as opened and relocated 28 news shops as part of a wider expansion plan.
Mark Neale, the business' founder and chief executive office, cited more store openings as being part of the company's future after this period of positive trading.
He said: "We are doing well in our new bigger shops so are looking for more of these sites,” he said.
"Rents have got more affordable so we are now taking on new stores that we might not have previously gone for.
"We’ve had really good access to some strong retail park and high street sites. We have been able to open up in 10 former Arcadia stores, a few former Wilko shops.
“In the UK we see the potential for 50 new sites but we are constantly reassessing the market and will be looking at relocations as well.”
One of the contributing factors to Mountain Warehouse's success has been international growth.
LATEST DEVELOPMENTS:
The retailer has moved into former Wilko locations
PAIn the past year, it has opened its first Australian branch as well as further sites in New Zealand and Canada.
Neale said the company has also benefitted from the acquisition of Animal brand, opening a number of standalone Animal stores.
The chief executive added: "It has helped us weatherproof the business, something we’ve paid a lot of attention to in recent years so that we have a strong business all year around.
“Acquiring Animal has also helped us reach many new customers. The brand is well-loved and we’re reinvigorating it for a new generation.”