Shoe Zone set to shut its Newmarket High Street store in March
A long established Newmarket shoe shop is set to close in the spring.
Shoe Zone will close its High Street branch in six weeks time. Closing down signs have now appeared in its windows and throughout the store.
A spokesman for the company told the Journal: "The lease for this store ends in March and we are currently negotiating with the landlord.
"There are no immediate plans to open a large out of town store in the area but we are always looking for opportunities.”
The budget shoe store is the latest shop to close its doors. Last year fashion retailer Bonmarché shut its High Street branch and banking giant Santander closed. Both units remain empty.
The closure of Shoe Zone's town store comes as its pre-tax earnings slid to £9.6 million from £11.3 million the previous year.
Earlier this month its chief executive Anthony Smith blamed the fall in its annual profits on "the increasing financial burden placed on retailers by successive governments".
He called on the government to address business rates, which have increased in the past decade.
”Town centre stores remain an important component of our proposition and we don’t agree with doomsayers referring to the inevitable ’death of the high street’," he said.
”However, it’s stark that over the past 10 years the rates paid as a proportion of our rent has increased from 26.4 per cent in 2009 to 54.3 per cent in 2019."