WH Smith in talks to sell high street stores

Revenue from WH Smith's high street stores dropped by £17m in 2024 compared with the year before, but profits stayed the same after the business closed 14 of its stores last year.

Its high street stores have also been viewed unfavourably by consumers.

In 2019, a Which? survey found WH Smith ranked the lowest among high street retailers - the ninth year in a row it appeared in the bottom two spots - with shoppers describing the stationery specialist as "cramped and messy".

Nicholas Found, of the Retail Economics research consultancy, said potential buyers may see opportunities to "restructure and reimagine WH Smith's high street presence", albeit in a "challenging climate".

Speaking after WH Smith's most recent financial results, group chief executive Carl Cowling said: "Our UK high street business continued to deliver its strategy of managing space to maximise returns and maintaining a flexible cost structure."

He cited the opening of dozens of Toys R Us "shop-in-shops" in the latter half of 2024 as an example of this. Toys R Us went bust in 2018 and a deal was struck with WH Smith to host concession stands.

Mr Cowling told the BBC in 2023 that the retailer would not be opening any more high street stores in the UK. Instead, it would focus on UK airports and train stations, as well as opening shops in the US and Europe.

Mr Found said it was clear that WH Smith had "strategically pivoted" towards the "fast-growing" travel retail business. Dropping its high street business, he added, would allow it to focus entirely on this new direction.