'Another killer for the high street' as Ted Baker to close ALL stores today - retailers warned 'evolve or become extinct'
The remaining Ted Baker stores across the country will be closed by the end of next week
Getty
The closure of Ted Baker stores can be seen as a “wake-up call for the entire high street,” as the brand announces the last of their 31 stores will close today.
Ted Baker have faced economic challenges in recent years, as well as weaker consumer demand and difficulties in its supply chain since the pandemic.
The Authentic Brands Group, the fashion chain's parent company, fell into administration in March. It is expected that over 500 jobs are at risk as result of Ted Baker leaving the high street.
About 245 staff were made redundant after 15 shops were shut earlier in the year.
Ted Baker’s UK website has also been pulled, and customers told it is “not taking orders right now”, and that they have 14 days to return orders made online.
An expert has explained that brands need to "evolve or risk becoming extinct".
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High streets have been hit by a wave of store closures since the pandemic, on top of banks shutting down PAIt's not enough to have a recognisable name – brands need to stay relevant, embrace technology, and really understand what their customers want.
Josh Neuman, founder of Chummy Tees and eCommerce marketing and fashion expert told GB News: "The closure of Ted Baker stores isn't just about one brand calling it quits – it's a wake-up call for the entire high street.
"In the fast-paced world of fashion, standing still is basically moving backward. While Ted Baker was busy doing what they've always done, younger brands were busy innovating and connecting with customers online.
"The high cost of rent is another killer for high street stores. When you're paying top dollar for prime locations, it's tough to keep prices competitive, especially when online retailers don't have the same overhead.
"Add in the current cost of living crisis, and you've got a recipe for disaster for traditional retailers.
"The high street isn't dead, but it's definitely changing. The survivors will be the ones who can blend the best of both worlds – the personal touch of in-store experiences with the convenience and innovation of online shopping.
"Ted Baker's closure is more than just a headline – it's a cautionary tale for all retailers. Adapt, innovate, or face the same fate. Yes, it's a tough lesson, but one that the entire industry needs to learn from."
LATEST DEVELOPMENTS:
Full list of the Ted Baker stores to close today:
- Ashford
- Bath
- Belfast
- Bluewater
- Braintree
- Brent Cross (London)
- Bridgend
- Cannock
- Cheshire Oaks
- Dublin, Grafton Street
- Gatwick North
- Gatwick South
- Glasgow Buchanan Street
- Gloucester Quays
- Heathrow T2
- Heathrow T3
- Heathrow T4
- Heathrow T5
- Kildare
- Livingston
- Luton
- Manchester Shambles
- O2 Outlet
- Portsmouth
- Regent Street (London)
- Sheffield
- St Pancras (London)
- Stansted
- Swindon
- White City (London)
- York.
Last year, a total of 14,081 shops and outlets belonging to multiple chains left UK high streets, shopping centres and retail parks, according to PwC.
This is the equivalent to 39 closures per day but represents a slight increase compared with last year.