WH Smith, a 232-year-old British retailer, is considering selling its 520 high street stores to concentrate on its more profitable travel business. The move comes amid growing pressure on the UK retail industry due to e-commerce expansion and rising operating costs. WH Smith's travel division, comprising over 580 stores in the UK and 1,200 globally, already generates three-quarters of the company's revenue and 85% of its trading profit.
British retailer WH Smith is looking to sell of its historic high street business to focus on its travel store unit in the latest hit to the U.K.'s retail industry. The 232-year-old retailer said Monday that it was exploring the sale of its 520 high street stores, which sell newspapers, books and stationery.
The move comes as pressure mounts on the high street retail industry amid the continued growth of e-commerce and higher employer costs.is looking to sell its historic high street business to focus on its travel store unit in the latest hit to the U.K.'s retail industry.The 232-year-old retailer said Monday that it was exploring the sale of more than 520 high street stores, which sell newspapers, books and stationery, confirming reports over the weekend that talks were underway. "WHSmith confirms that it is exploring potential strategic options for this profitable and cash generative part of the Group, including a possible sale," the company said in a statement on the London Stock Exchange website."There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate," it added. WH Smith — part of the FTSE 250 — has been doubling down on its U.K. travel unit over recent years, with over 580 travel stores across airports, hospitals, railway stations and motorway service areas. Its wider global travel business totals 1,200 stores across 32 countries, which the company said now accounts for three-quarters of its group revenue and 85% of its trading profit.its travel operations. In emailed comments to CNBC, Calvert added that WH Smith investors should be buoyed by the move. 2 job interview red flags, according to an ex-Microsoft HR exec: So many people ‘simply don't get the basics right' "You own WH Smith for the Travel business. Travel is an attractive long term structural growth market. If you dispose of High Street, you should get a higher valuation rating over time," Calvert, head of retail and consumer research at Investec, told CNBC via email. Shares of WH Smith climbed around 5.5% following the announcement Monday, having fallen nearly 11% in 2024. They were last trading 2.9% higher.announced on Thursday that it plans to cut 3,000 jobs in the U.K. It follows warnings earlier this month from major retailers who cautioned that they could be forced to cut thousands of jobs this year to cover the cost of higher taxes, according to a "The Retail sector has seen unprecedented opex inflation in recent years from National Minimum wage and rates increases," Calvert said. "Government increases in NMW & NI are a huge headwind and very unhelpful. Retailers will need to close unprofitable stores," she added.Philadelphia
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