1 week Ago By James Flanders
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. Advertisement 1 It’s not the only high street establishment in Lanark to announce its closure in recent weeks Credit: Alamy A post on the retailer's Facebook page said: "We're closing our doors.
"It's time to say goodbye...
but not without a thank you! "Enjoy 20% off everything in-store until we're sold out. "Grab your favourites while you still can - once they're gone, they're gone!" Advertisement Read more in money DON'T BANK ON IT Nationwide £50 payment loophole means YOU could miss out CHEERS TO THAT Map reveals postcode lottery for Wetherspoons prices The shop was a favourite among locals, renowned for its range of Scottish-made products, including Harris Tweed purses, Isle of Skye candles, and a variety of other fragrances. Reacting to the news of the closure, one shopper said on Facebook: "What it happening to Lanark? It's not the same as it once was.
" Another said: "So sorry to see another good little shop and a premises closing its doors in the town." "Such a shame this little treasure trove is going to close," said a third. Advertisement Most read in Money LAST ORDERS 'Gutted is an understatement' Glasgow cafe shock closure leaves fans devastated SHOP SHUT Family-run bakery closes leaving punters gutted CHOC LOT Major supermarket slashes the price of Easter Eggs with just days to go BILL CHECK Energy bill warning as 418,000 due to come off 73 fixed deals face paying MORE It’s not the only high street establishment in Lanark to announce its closure in recent weeks.
The owners of the Woodpecker bar and restaurant have confirmed that the venue will permanently shut its doors on Sunday, 27 April. Why are so many pubs and bars closing? Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre’s decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors.
In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, 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. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.
Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few.
What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
Other shops leaving the high street Beales , one of Britain's oldest department stores, has launched a closing down sale before it shuts its last remaining shop after more than 140 years. The company will shut its branch in Poole's Dolphin Centre on May 31. Advertisement The sale includes fashion, furniture, gifts and cosmetics, being sold for up to 70% off.
Beales chief executive Tony Brown blamed the "devastating impact" of the rise in national insurance contributions and the higher minimum wage for the store closure. Meanwhile, high street fashion chain New Look has begun to close stores as it scales back its UK footprint. It is understood to be shutting nearly 100 stores - equivalent to around a quarter of its 364 shops.
Advertisement Stores in Gateshead, Tyne and Wear, St Austell, Cornwall and Porth, Rhondda Cynon Taf have launched closing down sales. Reports suggest that the company has been forced to accelerate the pace of store closures due to tax changes in the Autumn Budget. Read more on the Scottish Sun HAGING ON Rangers star 'wants to LEAVE' as he's linked with Jose Mourinho's Fenerbahce SINISTER ATTACK Woman, 72, & boy, 12, attacked by Daniel rivals as gangland feud spreads Meanwhile, Huttons in London will shut its store in the Putney Exchange due to excessive energy costs.
The gift shop became a local icon after it opened in the 1990s. Advertisement.
