One of Britain’s oldest department stores is shutting its last remaining shop after more than 140 years, blaming Budget tax and wage increases.
Beales, which first opened in Bournemouth in 1881, said trading at its branch in Poole’s Dolphin Centre will cease at the end of May.
Retail industry bosses said the closure of the historic store “illustrates the devastating impact” of the rise in national insurance contributions and the higher minimum wage, which will come into force in April.
Beales chief executive Tony Brown told the Telegraph the business had become “unviable” as it prepared to shoulder further cost increases announced in Labour’s October Budget.
“This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option,” he said.
“We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit.
“Our team has been informed, as have our suppliers. We will ensure the exit is managed and no one will be left with a financial loss.”
The retailer has also come under pressure from shifting shopping habits in recent years, with younger shoppers turning away from large high street stores towards online rivals.
In January 2020, Beales tumbled into administration, leading to the closure of 22 of its 23 shops.
The British Independent Retailers Association (Bira) warned that the latest closure could be the first of many as retailers struggle with mounting costs.
Commercial director Jeff Moody said: “We are deeply saddened to learn of Beales’ closure.
“This is not just the loss of another shop – it represents the end of a retail institution that has served communities for nearly one-and-a-half centuries.
“This closure starkly illustrates the devastating impact that recent tax increases are having on our retail sector.”
