Next’s Acquisition Forces Luxury Shoe Retailer to Close Exeter Store

Russell & Bromley, a renowned luxury shoe and handbag retailer, is set to close its Exeter store. The closure comes as part of the retailer’s recent struggle with declining sales, ultimately leading the business to enter administration.

Details of the Closure

‘Closing down’ signs, including notices reading “Everything must go” and “20 percent off,” have been prominently displayed in the store’s windows. This move follows the acquisition of Russell & Bromley by retail giant Next, which aims to streamline the brand’s operations significantly.

Impact of the Acquisition

Next’s strategy includes the closure of numerous Russell & Bromley locations. Out of 33 stores operated across the UK and Ireland, only three locations will remain open.

• Chelsea
• Mayfair
• Bluewater Shopping Centre

The acquisition is part of a broader trend in the retail industry, where established brands are adapting to changing market conditions. Andrew Bromley, the chief executive of Russell & Bromley, acknowledged the challenges faced and described the sale as a necessary step to ensure the brand’s future.

Next’s Commitment to the Brand

Next has expressed its dedication to preserving the legacy of Russell & Bromley. In a statement, they noted that the acquisition will help stabilize operations and strengthen the brand’s focus on premium footwear and accessories. This approach is intended to align with the company’s long-standing commitment to quality and design.

Conclusion

The Exeter store’s closure marks a significant change in the landscape of luxury retail in the area. As Next moves forward with their plans, the fate of Russell & Bromley will rely on their ability to innovate and adapt in a competitive market.