Budget chains B&M and Iceland closing stores as 'culture of bargain-hunting is over'

13 March 2023, 12:01 | Updated: 14 March 2023, 09:09

High street stores have been shut across the UK
High street stores have been shut across the UK. Picture: Alamy
Naomi Bartram

By Naomi Bartram

A retail expert has said the ‘culture of bargain-hunting’ is over as shops are forced to close across the UK.

The cost of living is affecting millions of people across the country, including the UK’s high street.

This means some of the public’s favourite shops such as Iceland and B&M have been forced to close their doors.

Now, a retail expert has put this down to changing shopping habits, saying the ‘culture of bargain-hunting for fun is over, at least for now'.

Talking to the Daily Mail, Hargreaves Lansdown analyst Sophie Lund-Yates said: "There's no denying the cost of living crisis has pushed more Brits to the bargain-end of the shopping spectrum than ever before.

B&M is closing stores across the UK
B&M is closing stores across the UK. Picture: Alamy

"This is a trend most acutely felt at the supermarket and the bigger names are having to compromise on margins in a bid to keep up with ultra-low prices.

"However, the culture of bargain-hunting for fun is over, at least for now.

"People are sniffing out lower-cost essentials, like food, but aren't being pulled towards other discount shops in the same way."

B&M is closing stores across the UK
B&M is closing stores across the UK. Picture: Alamy

This comes after supermarket giant Iceland has also been closing stores across the UK, as well as New Look, Wetherspoons and Byron Burger are closing some chains.

Marks and Spencer has put forward the closure of a number of its stores across the UK months after its announcement of 67 larger shop closures.

The company want to complete this within five years as it aims to save around £309million in rent costs.