// Missguided to close down its bricks-and-mortar debut in east London
// Westfield Stratford store opened less than years ago in November 2016
// Missguided’s Bluewater store will remain open
Missguided is set to close down its only London store less than three years after it opened.
According to Drapers, the loss-making store – which marked the online retailer’s first-ever permanent bricks-and-mortar store when it opened in November 2016 – will close down at the end of February.
The 20,000sq ft store reportedly had two years left on the lease but Missguided was able to negotiate with Westfield in order to exit early.
The store’s 70 staff members are now in consultation.
The news comes after accounts recently filed with Companies House saw Missguided reveal a loss after tax of £46.7 million for the 12 months leading up to April 1, 2018.
However, group turnover for the year increased 4.9 per cent to £215.91 million.
The retailer said its stores in Westfield Stratford City and Bluewater shopping centre were a success, but they have generated insufficient revenue to cover operating costs.
Despite this, Missguided’s Bluewater store, which is located just outside the M25 in Kent and opened shortly after the east London branch, will continue to operate as normal.
In addition, the retailer is poised to open its first international franchise store at Dubai Mall on Friday this week.