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Consumer Staples
WHSmith, an iconic British retailer, has made a significant move by selling its 480 high street bookstores to Modella Capital, a specialist retail and consumer investment firm, for £76 million. This sale signals a major strategic shift for WHSmith as it transitions to focus exclusively on its global travel retail business. The sold bookstores will be rebranded as TGJones, marking a pivotal moment in the history of WHSmith's on-street presence, which spans over 250 years[1][2].
WHSmith’s decision to sell its high street shops stems from its recent performance trends. The company's travel business has seen substantial growth, with revenue reaching £1.47 billion and profits of £189 million in the fiscal year ending August 31, 2024. In contrast, the high street division, while profitable and cash-generative, has stagnated compared to the travel segment. The travel business accounts for 75% of WHSmith’s revenue and 85% of its operating profit[1][2].
The newly formed TGJones will inherit WHSmith's entire high street operation, including all stores, employees, assets, and liabilities. The rebranding process, aimed at preserving some familiarity with the WHSmith name, will maintain the same leadership under Sean Toal, currently the CEO of WHSmith’s high street business[1][2].
Modella Capital is well-experienced in the retail sector, notably owning Hobbycraft, a UK-based hobby and craft retailer, and the Original Factory Shop. This strategic investment in TGJones highlights Modella’s commitment to revitalizing traditional retail models[2].
With WHSmith no longer associated with book sales on high streets, the brand will focus on expanding its travel retail business, which spans across 32 countries. This strategic pivot aims to leverage the company's strong presence in airports, hospitals, and railway stations to drive future growth[1][2].
The rebranding of WHSmith stores to TGJones comes with significant challenges, especially in maintaining customer loyalty and brand recognition. Here are some key considerations:
The sale of WHSmith's high street business marks a significant shift in the retail landscape. As TGJones embarks on its journey, it faces both opportunities and challenges in carving a niche for itself in the competitive world of high street retail. With the legacy of WHSmith behind it and new ownership investing in its future, TGJones is poised to reshape the way books and related products are sold on the UK high street.
TGJones is the new name given to the 480 high street stores formerly owned by WHSmith. It was acquired by Modella Capital for £76 million.
WHSmith decided to focus primarily on its travel retail business, which is more profitable. The high street division, though profitable, did not match the growth of the travel segment.
The WHSmith brand will now be associated solely with its travel business, operating in 32 countries.
TGJones is owned by Modella Capital, a specialist retail and consumer investment firm.
The transition from WHSmith to TGJones signifies not only a new chapter for these 480 stores but also a reflection of the evolving retail landscape. As consumers expect more personalized and integrated retail experiences, TGJones will need to innovate while maintaining the core values that WHSmith’s customers have come to trust.
