Fashion retailer River Island reveals that its two stores in Peterborough are to remain open
Bosses at fashion retailer River Island have given a vote of confidence in its two stores in Peterborough.
The River Island stores in the Queensgate Shopping Centre and the Serpentine Green Shopping Centre have not been included on a just-published list of 33 outlets nationally that have been earmarked for closure next year.
Bosses at River Island announced just days ago that 33 of the fashion retailer’s 230 stores would have to close in the face of rising running costs as well as the impact of a growth in online shopping.
But it is business as usual for the two Peterborough stores which have not been included among the 33.
A spokesperson for the Queensgate Shopping Centre said there had never been a threat of closure for the store.
He said: “River Island at Queensgate is a Category A store, located in a prime position and continues to perform well.
"Queensgate remains committed to supporting our retailers and showcasing the strength and success of our city’s retail offering.”
Stuart Potter, a senior business lecturer at ARU Peterborough, said: “River Island’s Peterborough stores are in fairly strong locations with footfall that is not in major decline, and where competition is more limited than in some other cities / locations.”
River Island is reported to be putting together a turnaround plan that will be put to creditors after figures showed that the family-owned retailer, which was founded in 1948, made a £33.2 million loss in 2023 after sales fell 19 per cent.
Mr Potter said: “Given the changes in shopper habits and the growth of online sales, it is not surprising that River Island are making this decision.
"It reflects a strategic shift for the business to respond to the growth of their internet audience.
"However, this decision by River Island reflects the wider changes across the retail sector with more sales being directed into online shopping and also to competitors such as supermarkets.
"But for retailers where shoppers still prefer a physical item or ability to test the product, there will always be a need for physical stores.
"The recent opening of Oak & More in Peterborough is an example of this, with furniture, footwear and food outlets all seeing growth in recent years across the UK.”