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Forever 21 shutters Westfield Stratford store

US young fashion retailer Forever 21 has closed its 67,940 sq ft store in the Westfield Stratford City shopping centre.

Forever 21 Westfield

 

The three-floor shop, which opened in 2011, has been emptied and a sign has been placed in the window, which reads: “This store is now closed, sorry for the inconvenience. Your nearest branches are Oxford Street, Lakeside and Bluewater.”

One source said H&M is relocating to the Forever 21 unit. 

The move comes a month after Forever 21 closed its 65,000 sq ft Scottish flagship on Buchanan Street in Glasgow.

As revealed by Drapers in September last year, Forever 21 is scaling back its UK portfolio. It has also closed its 20,000 sq ft store at Intu Trafford Centre in Manchester.

It is thought to be looking to exit its 35,000 sq ft store at Intu Lakeside shopping centre in Essex, as well as downsizing its 50,000 sq ft Dublin store and its 20,000 sq ft store in Bluewater, Kent, but it has not been confirmed if these changes have been made.

In its latest accounts filed at Companies House, turnover at Forever 21’s UK arm increased from £37.1m to £48.3m for the year to February 28 2014. It reduced its pre-tax loss to £18.4m from £66.5m the previous year. Its 2015 accounts were due to be filed by November 30 and are overdue.

However, the pre-tax losses at the retailer’s only Irish store in Jervis Street shopping centre in Dublin jumped almost five fold in 2015 to €8.39m (£6.59m), up from €1.73m (£1.36m). Revenues rose 23% from €8.47m (£6.65m) to €10.39m (£8.16m) in the 12 months to February 29.

Forever 21 also has stores in the Bullring shopping centre in Birmingham and Church Street in Liverpool.

Harper Dennis Hobbs, Forever 21’s property agent in the UK, declined to comment. 

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