WHSmith plans to open 150 more travel stores, but the high street could see further closures.
The retailer has been steadily building up its travel arm, especially in the US, as group revenue rose from £886m in 2021 to £1.4bn for the year ended 31 August.
WHSmith has a new-store pipeline of 150 sites, including 70 in North America, with more than 125 due to open in the current financial year.
Carl Cowling, group chief executive, said: “2022 has been a successful year for WHSmith and we enter the new financial year with the group in its strongest ever position as a global travel retailer with multiple growth opportunities across the world.”
The UK will also see additional travel stores. Over the next three years, WHSmith said it expects to open an additional 10 to 15 stores each year in UK travel, with the majority of the new stores in the hospital channel.
However, it added that squeezing value out of its high street presence was also a priority.
The retailer has around 450 leases due for renewal over the next three years. It said: “We only renew a lease where we are confident of delivering economic value over the life of that lease.”
As at 31 August, the high street business operated from 527 stores, down from 544 in 2021. Seventeen stores were closed during the period.
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