Family run business to close its doors after 30 years
PUBLISHED: 14:25 07 January 2019 | UPDATED: 16:34 08 January 2019
After 30 years, a family-run, ladies fashion chain is closing one of its stores in west Norfolk.
The Stock Shop operates in many NHS hospitals, but due to a number of factors it is having to close its high street shop in Downham Market on February 15.
Senior buyer Cheryl Safadi said: “Sadly, its closure is due to a few factors; rising costs, reduced footfall on the high street and the competition of online.
“Along with the uncertainty of Brexit, it’s not viable as a business to sign up to a further tenancy agreement.
“We would like to thank all our loyal customers over the years along with the fantastic staff for their continued support. We are still operating in NHS hospital outlets, locally at Addenbrooke’s Hospital, Cambridge, and also online at www.thestockshop.co.uk. You can also find a small selection of Stock Shop products in MITZY based in Ely.”
With high street retail changing, even some of the bigger, well known brands are struggling and finding themselves having to discount to attract sales.
Managing director Mark Mitzman said: “It is a tough arena with increasing costs of entry with rent, rates, wages, utilities all increasing annually the margin for success is constantly eroded. We really do feel that the high street is becoming a place for people to meet with friends/family to eat and drink. The food/beverage market has grown substantially as retail space becomes repurposed.
“The Stock Shop was founded 30 years ago and the first shop was opened in Station Road, Downham Market, so the closure of this store is particularly upsetting.
“Downham Market forms a rich part of our history as a business and we have loved being a part of the local community, we have a number of loyal customers that have shopped with us for a very long time. Fortunately, during the last 30 years we have not had to close many shops. We are happy to continue to grow our business in NHS hospitals across the UK and have plans to open up to three new shops in 2019 and continue to grow our online presence.”