Seasalt plans 10 new shops a year despite industry slowdown

Seasalt Cornwall plans to open about 10 new shops a year, pressing ahead with expansion despite weak consumer confidence and rising costs on the high street, the clothing retailer has told The Times. 

The news comes as the retailer is close to securing three new UK stores for the new year, with further openings planned for the second half. Seasalt currently operates 79 shops across the UK and Ireland, and says future sites will mainly be in market towns.

The expansion contrasts with the approach taken by many retailers, which have scaled back investment amid stalled consumer spending, higher business rates and reluctance to commit to new leases following the chancellor’s budget.

Seasalt sells raincoats, knitwear and jersey dresses and said demand for its clothing had remained resilient even as discretionary spending comes under pressure.

Seasalt was founded in 1981 after Don Chadwick bought a clothing shop in Penzance that sold traditional items such as fishermen’s overalls and Breton T-shirts. Following his death in 2001, his sons David, Leigh and Neil Chadwick took over and developed the business into a nautical-inspired lifestyle brand.

Alongside its UK and Irish store estate, Seasalt operates four shops in the US and runs an online business supported by wholesale and marketplace partners including Next, Marks and Spencer, Nordstrom, Bloomingdale’s and Zalando.

The company said it plans to pursue further US marketplace opportunities and will launch with Australian department store David Jones next year, both online and through five in-store trials in Sydney, Melbourne, Adelaide and Brisbane. In the EU, it said it sees continued opportunity, particularly in Scandinavian and eastern European markets.

Revenue rose 13% to £150m in the year to 1 February 2025, supported by shop openings and partnerships. Sales have increased by £50m over the past three years and have doubled over the past five. Pre-tax profit fell to £4.4m from £7.3m a year earlier as the company invested heavily in new stores.

Seasalt said trading in the two weeks leading up to Black Friday was its strongest on record, with a 16% rise in direct-to-consumer sales during the discount period.

Paul Hayes, chief executive of Seasalt, told The Times: “It has undoubtedly been a challenging year for the retail industry, with new challenges consistently facing our sector, and this is unlikely to change significantly as we move into a new year.

“However, we have built a very resilient business model, particularly over the last five to six years, and we’re confident we can navigate these times and continue our growth trajectory.”