Topps Tiles in High Street retreat as it plans to close 23 stores blaming rising costs and a weak DIY market
Retailer Topps Tiles is shutting 23 shops, blaming rising costs and a weak DIY market.Chief executive Alex Jensen highlighted ‘subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation’.It has shut eight shops and plans to close 15 more, and make ‘cost-saving interventions to increase efficiencies’, hinting at job cuts at its Leicestershire HQ. It blamed ‘government and macro-driven cost inflation’ for this, after rises in employers’ National Insurance Contributions and the minimum wage.River Island, Primark and Poundland have all shut shops in recent months.Victoria Scholar, head of investment at Interactive Investor, said that after a ‘decent’ 2025, this year ‘is proving to be more challenging with the weak consumer backdrop and the risk of cost inflation from the global geopolitical instability.’Topps’ sales fell 0.1 per cent to £142.7million in the six months to March 28 because, it said, the competition watchdog forced it to shut four CTD stores after it bought its rival in 2024. Closures: Topps Tiles has already shut eight ‘underperforming’ stores and now plans to close another 15 in the coming monthsDIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Topps Tiles in High Street retreat as it plans to close 23 stores blaming rising costs and a weak DIY market
