Cool Britannia to close Oxford Street store, liquidation sale

A well-known retail chain, Cool Britannia, is closing its store on Oxford Street and has begun a closing down sale. A dissatisfied customer shared the news on Facebook, noting the emotional impact of the closure on the community. Cool Britannia specializes in patriotic gifts and has various locations throughout the UK, including Liverpool and Edinburgh. The Oxford Street store is popular for its unique souvenirs. Customers have praised the store for its beautiful products and friendly staff. The reason for the closure remains unclear, but other stores on Oxford Street are also struggling. Currently, over 2% of retail space on the busy street is vacant, the lowest level since 2017. Big retailers like Zara and River Island could face similar challenges due to upcoming lease expirations. The retail sector in the UK is facing significant financial pressure. The British Retail Consortium warns a recent tax hike might cost the industry £2.3 billion. More than half of companies surveyed plan to raise prices soon. Research predicts that around 17,350 retail sites will close this year due to rising costs and changing consumer habits. This follows a tough year in 2024, which saw 13,000 shops shut down, a 28% increase from the year before. Experts forecast job losses could be severe, potentially exceeding those from the pandemic. In related news, Microsoft recently closed its large Oxford Street store to focus on digital growth. The company is reassessing its locations in line with market needs.