CLOSING DOWN
‘Treasure trove’ shop in Scots town to shut as huge closing down sale launched
It's not the only venue in the area that has recently announced that it is closing for good
PUNTERS have been left gutted after a 'treasure trove' gift shop in a Scottish town announced its sudden closure.
Much-loved shop Wallace Emporium has been selling "great products" to customers for the last two years.
1
The retailer, located in Castlegate in Lanark, is famous for selling perfect gifts for all occasions, from jewellery to Harris Tweed products.
It also sold a range of Scottish-made products like traditional tartan scarfs, contemporary homeware and Isle of Skye candles.
But bosses have now revealed that it is now set to close for good.
There is no definite date set yet for the closure, but it is expected to be sometime in the coming months.
READ MORE IN MONEY
The owners shared the news with followers on social media with a post on the shop's Facebook page.
They also revealed that the branch has now launched a huge closing-down sale that will run from now until they shut for good.
Customers can expect to see prices slashed by a minimum of 20 per cent over the next few weeks.
The post on Facebook read: "Announcement Post - We're Closing Our Doors
Most read in Money
"It's time to say goodbye… but not without a thank you!
"Enjoy 20% OFF everything in-store until we're sold out.
New Beginning for The Body Shop
"Grab your favourites while you still can — once they're gone, they're gone!"
Shoppers have been left gutted by the closure, with many flocking to the comments to share their disappointment.
One person said: "Such a shame this little treasure trove is going to close... Very best of luck for the future whatever ventures/adventures you have."
Another added: "So sorry to see another good little shop and premises closing its doors in the town".
Someone else wrote: "Aw I’m so sad. I’ve just found this wee gem since my daughter moved into the area.. so sorry to see you close".
A fourth posted: "So sad to be losing you - a great shop with great products!"
While a fifth chimed in: "So sad to hear this news... it’s a little treasure trove of a shop. Bought many a Christmas or birthday gift here and sorry to see you go."
It's not the only venue in Lanark that has recently announced that it is closing for good.
Read more on the Scottish Sun
The owners of the Woodpecker bar and restaurant have confirmed that the venue will permanently shut its doors.
It will serve customers for the final time on Sunday, April 27.
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."