A POPULAR store in a major city shopping centre is set to close as the owner slams “big companies filing high streets”.
Locals were devastated to hear the beloved independent shop, in Leeds, was waving goodbye permanently, in another blow to the high street.
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Trade Me In, located in the St Johns Shopping Centre, will be shuttered permanently on Saturday, May 31.
Management shared a statement on social media which read: “Though it’s undeniably sad to see TMI come to an end, it’s important to remember the significance of shopping at small businesses.
“Soon the high street will be filled with nothing but big companies, so support your local coffee house, support your indie markets, support your small businesses because they’re all struggling right now.
“To my colleagues, I want to take a moment to sincerely thank each one of you (past and present) for being here.
“We’ve been through so much together and it actually breaks my heart to think I won’t get to see your faces 40 hours-a-week.
“As clichéd as it sounds, you all saved me during some of my darkest moments and I’ll know you’ll help me through this. I’m so happy I met you all, we had such a blast together. No matter where we end up I know I’ve made friends for life. TMI family forever.
“To the customers, thank you for everything, it’s been a crazy eight years and it warms my heart to have served you all.
“Your loyalty and kindness have meant the world to us, and we couldn’t have made it this far without you.
“While it’s with a heavy heart that we’re closing our doors, we are truly thankful for the trust and love you’ve given us throughout the years. Thank you. Love Spoink.”
Saddened shoppers hailed TMI, one wrote: “Sending you all so much love. I look back at my time working at TMI so fondly and I honestly love the TMI crew so much.”
Another added: “Massive shame. Honestly, we need more small businesses.”
“This is awful news. Your store has become one of my favorites over the years and I have loved visiting, browsing and chatting with the amazing staff members every time I have been in Leeds,” a third agreed.
This comes after a well-loved high street gift shop is set to close its doors permanently following the launch of a major closing-down sale.
The Wallace Emporium, located on Castlegate in Lanark, has announced its decision to shut up shop after just two years of trading in the town centre.
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
However, additional costs have added further pain to an already struggling sector.
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs from April will cost the retail sector £2.3billion.
At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
It comes after almost 170,000 retail workers lost their jobs in 2024.
End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker.
It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date.
This was up 49,990 – an increase of 41.9% – compared with 2023.
It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns.
The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker.
Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations.
Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes.
Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
Elsewhere, a jewellery shop has been forced to wave goodbye to customers.
Terence Lett Jewellers, located on the high street in Witney, Oxfordshire, has announced its decision to shut up shop.
And, shoppers were disappointed after a beloved boutique closed after 22 years.
Family-run Little N’s Baby Boutique sadly announced they shuttered their site in Dartford, Kent.
HIGH STREET STRUGGLES
It comes as other retailers, both independent and industry giants, continue to struggle.
Dozens of shops are set to close across the country before the end of the month in the latest blow to UK high streets.
Just a few months in to 2025 and it’s already proving to be another tough year for many major brands.
Rising living costs – which mean shoppers have less cash to burn – and an increase in online shopping has battered retail in recent years.
Just this week former staple of the high street Quiz crashed into administration with the immediate closure of 23 stores.
New Look bosses made the decision to axe nearly 100 branches as they battle challenges linked to Autumn Budget tax changes.
Approximately a quarter of the retailer’s 364 stores are at risk when their leases expire.
This equates to about 91 stores, with a significant impact on New Look’s 8,000-strong workforce.
It’s understood the latest drive to accelerate closures is driven by the upcoming increase in National Insurance contributions for employers.
The move, announced by Chancellor Rachel Reeves in October, is expected to hit retailers hard – and the British Retail Consortium has predicted these changes will create a £2.3billion bill for the sector.
Meanwhile, the WHSmith brand name looks set to vanish from British high streets after 230 years.
In a fresh update, Boots UK also told The Sun that 253 stores have now shut as part of cost-cutting plans.
Meanwhile, Homebase launched a big closing down sale amid 37 closures last month.
RETAIL PAIN IN 2025
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”