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WH Smith chief executive Carl Cowling has told the BBC that the retailer will not open any more UK high street stores, instead focusing on UK airports and train stations, as well as openings in the US and European markets.
This comes as, over the past 20 years, the retailer has pushed to expand its presence in airports, train stations, motorway services areas and US-based casino resorts.
According to the retailer’s boss, opening more high street branches “would just be a duplication”, as the group already has roughly 550 stores in high street locations.
Cowling also told the BBC World Service Marketplace Morning Report that the retailer’s biggest growth market lies in the US, having secured roughly 12% of the retail market in US airports.
He told the BBC that the retailer’s ambition is to “get to 20% over the course of the next four years” to secure the best part of 150 stores. Cowling added that WHSmith will spend about £120m this year opening US and European stores.
However, he also maintains that the group will continue to invest in its stores, with Cowling pointing to its retail partnership with Toys R Us in nine high street branches in the UK.
Cowling told the BBC: “We’ve got a very healthy High Street business in the UK, but we’ve got no ambitions to grow that. When you look at the main cities across England, Wales and Scotland, we are present in those cities.
“So, in the first half of this year, we opened 30 shops in North America and opened another 30 shops in the second half of this year. We’ve got a pipeline of 60 stores to open and we’re constantly winning tenders in airports.”
