WHSmith aims for 80 new stores within a year as travel division thrives
WHSmith is aiming to open 80 new stores internationally by August 2024 as its travel division continues to perform well across a range of markets.
In the UK, the retailer anticipates opening over 15 new stores during the 12 months, having opened 20 stores over the last year including eight in hospitals.
Internationally, WHSmith is aiming to open 40 new stores in North America and 25 in the rest of the world by next August.
This comes as the retailer posts a trading update for the year ending 31 August, a period in which its group revenue increased by 28% compared to 2022. This was particularly boosted by an uptick in travel revenue of 42%.
WHSmith’s UK travel revenue grew by 36% against the previous year, up 30% on a like-for-like basis.
The retailer said it had seen continued strength in air passenger numbers during the peak holiday season, building on the recovery in passenger numbers it saw in the second half of the previous financial year. It added that its hospital channel had performed well, and its rail division had been resilient in view of the ongoing industrial action.
However, WHSmith’s high street revenue saw little change, recording a small overall decline of 1% and an increase of 1% on a like-for-like basis compared to 2022. The retailer said this was in line with expectations, with its strategy remaining unchanged as it focuses on cost efficiencies and the return on space.
In June, the retailer’s boss Carl Cowling said it would no longer be opening stores on UK high streets.