Woolworths’ boss hints high street chain could return to UK in ‘mid to long-term future’
Woolworths could reopen stores in the 'mid to long-term future'
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Woolworths could be returning to the UK’s high streets as the German brand’s owner has given it strongest indication yet it could reopen stores in Britain. The company said a potential reopening of locations in the UK is on its boss’ “bucket list” and mid-or-long-term plans “may be” in the brands future.
During the financial crisis of 2007-08, the iconic store known as “Woolies” closed its British stores and collapsed into insolvency before being saved by HH Holdings. In a statement to the BBC, Woolworth Germany stated it was “unable to confirm any plans for Woolworths to return to the UK market”.
High Street bakery chain Le Pain Quotidien has been forced to close all of its branches except onePAHowever, Woolworth Germany referred back to previous comments from CEO Roman Heini indicating his interest in doing so.
In what will be a blow to fans of the brand, the company noted that it may need to change its name in order to reopen stores.
The retail group added: “Nothing is imminent... but it may be in the mix for the mid- or long-term future.
“The brand name 'Woolworth' (without the 's') is owned by us throughout Europe.
“Should we ever plan to return to the UK, we would scrutinise the naming rights to minimise the risk of confusion. A transfer of rights could help if necessary.”
At its peak, Woolworths had 807 stores in the UK and was a staple of British high streets for over 100 years.
When the company closed stores 15 years ago, 27,000 people were made redundant by the popular retailer.
While no longer in the UK, Mr Heini has pledged to “make Woolworth a great again” and is looking to expand further domestically and in other countries.
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Woolworths stores across the country were left abandonedPASpeaking to Retail Week, he said: “I don't know of any brands where the recognition will be as high as it is in Britain, without having any stores.
“We have secured all the trademarks for the brand for the whole of Europe, so we could operate if we make the decision. It may be in the mix for the mid or long-term future.”
Woolworth Germany has no connections to the former UK brand outside its shared parentage with the American F. W. Woolworth Company.
The German cousin of Woolworths suffered during the financial crisis but is now targeting €1billion sales in the year to April.