High street homeware store to close after ‘amazing’ decade in blow to shopper
A HIGH street homeware store is set to close after an “amazing” decade.
Shoppers cry: “There’s a lot of shops leaving Newport! Just why?”
CoCo 64 is a homeware shop in Newport, Shropshire.
It’ll be closing its doors for good in “the next couple of months.”
CoCo 64 has been trading furniture, home accessories, and gifts for the past decade.
Kim Day, the owner of the store, posted the sad news to Facebook.
She said: “It’s been an amazing 10 + years in our wonderful town of Newport, but it’s time for my next chapter.
“CoCo 64. will be closing its doors in the next couple of months & I truly want to say a massive ‘Thank you’ to so many People.
“The support, friendships & laughs have been truly unforgettable & I will fondly hold so many special memories.
“May I say a special thank you to all of my loyal amazing customers, staff past & present, Davis White & Perry & my girlies for everything you have done to make CoCo’s such a warm welcoming place to shop.
“With love, Kim.”
Unhappy shoppers have taken to the comment section.
“One person said: “This is very sad news…there’s a lot of shops leaving Newport! Just why?!”
Followed by a second: “The shop was so lovely, I always nipped in when I was in Newport.
“It will be a huge loss to the town. Sad to see it go, wishing you all the very best.”
Then a third said: “Not you as well!! Daisy chain now you! My two favourite shops !!
“I’ll have to stock up on my reed diffuser.”
Meanwhile a fourth said: “Oh no. More sad news. All the best. P.s Best window displays and don’t forget that.”
Then a fifth said: “Aw sad news for Newport Kim.
“We will miss you so much. I had a great time being part of your team, happy memories.”
This loss comes after the closure of clothing store Daisy Chain, also on Newport High Street.
Sally’s Flowers, on Upper Bar announced it would serve its customers last on May 20, revealing rising costs as reason for its downfall.
And just last week Smallwood Lodge tea Room closed in the area.
It was located in a historic Grade II listed building.
The cafe served its customers for the final time on Saturday, March 1.
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.”