A significant UK fashion chain, Peacocks, which faced administration in 2020 and subsequently closed half of its 400 stores, is making a comeback by opening a series of new branches, said reports.
Job postings on platforms like Indeed and the government jobs website indicate that Peacocks is gearing up to launch seven new stores shortly. Additionally, the retailer has recently inaugurated four shops across the UK, bringing the total count of new branches to 11.
The fashion giant had succumbed to administration in November 2020 due to the pandemic-induced closures of high streets. In April 2021, around 200 out of its 420 stores were rescued when an international investment consortium acquired the company. Unfortunately, 200 stores had to be shuttered.
Despite the challenges, Peacocks has been steadily reintroducing itself to high streets across the country and has managed to rebuild its presence to approximately 350 stores, as indicated on its LinkedIn page.
The high street retail sector has faced substantial hurdles in recent years due to escalating costs, compelling households to tighten their budgets, and a significant shift towards online shopping. Notably, other established brands have also faced similar difficulties.
In a positive trend, discount retailer Costco has unveiled plans for a substantial expansion in the UK, intending to open 14 new warehouse stores within the next two years.
