WH Smith, the venerable British retailer with roots tracing back to 1792, is poised to explore the sale of its high street stores, which have long been fixtures on UK streets. This possible sale, announced amid pronounced economic challenges facing the retail sector, raises questions not just about the future of the company's physical presence, but about broader cultural access to literature and community services.
Confirming its intent to explore potential strategic options, WH Smith noted, "WH Smith confirms it is exploring potential strategic options for this profitable and cash-generative part of the group, including a possible sale." This announcement brings to light the significant shift after 230 years of operation on the high street.
Currently, WH Smith operates nearly 500 high street shops, yet these outlets contribute only 15% to the group’s overall profit. The bulk of its financial success derives from its travel retail division, which encompasses more than 1,200 stores located at airports, train stations, and hospitals, making it considerably more lucrative than its high street counterparts.
While this exploration might seem strategically sound, several industry experts express skepticism about the timing. Russ Mould, investment director at AJ Bell, remarked, "The timing looks odd... negative sentiment toward the sector could encourage potential buyers to seek a bargain price." He cautioned against pursuing the sale during such economically challenging times, which might result in undervaluing these assets.
Adding to the complexity of this potential sale are voices from the literary community who are concerned about the ramifications of losing WH Smith’s high street presence. Authors and publishers alike have risen to express their fears of creating what has been termed "book deserts" — areas devoid of accessible book retail. Gareth Rubin, author of novels like Homes and Moriarty, lamented, "If it disappears, we lose [access to books]. Kids who started with comics then moved on to children’s books…that’s brilliant. If it goes, many could be left without pathways to reading.”
Indeed, WH Smith has catered to diverse reading tastes over the decades, from comics to bestsellers, fulfilling roles as not just retailers but as cultural touchstones for many. Sarah Underwood, another author, emphasized the importance of these stores, stating, "The importance of the book sections… cannot be overstated. They are pivotal for teenagers, particularly reluctant readers who might not venture to independent bookshops.”
Currently, the high street stores employ approximately 5,000 people, and the potential for job losses looms large. Concerns stretch beyond the loss of books to the erosion of community services. The Communication Workers Union stressed this point, highlighting the risk of transforming communities permanently if high street services vanish, particularly pointing out, "For far too long, certain communities are being turned turned based on economic decisions.”
The authors noted the role WH Smith has played not just as retailers but as catalysts for introducing readers to literature. Victoria Selman, whose novels include Truly Darkly Deeply, reflected nostalgically on how the chain supported her reading growth. "To hear the chain is selling its high street stores produces a very specific nostalgic twang," she said, emphasizing the chain’s role across multiple generations.
Outside the literary community, speculation arises as to what might replace WH Smith's high street stores. Ideas range from local gyms to discount supermarkets eyeing the spaces, yet little consensus exists on what could adequately fill such significant retail voids. Many hope independent bookstores might rise to meet community needs, but such outcomes remain uncertain.
Critics also view the potential sale as symptomatic of larger issues within the retail environment, the calls grow louder for governmental support for the literary sector. Rubin called for measures like tax breaks to bolster authors, publishers, and bookstores, framing this moment as one more blow to British writing, remarking, "This would be another nail in the coffin for British writers."
Reports from major publishers such as Hachette and Bloomsbury align with these sentiments, expressing hopes for whoever purchases WH Smith's stores to uphold the importance of books as part of their offerings. Bloomsbury emphasized preserving the retailer’s ability to reach diverse demographics, noting such access is key to sustaining the reading culture as it currently exists.
With several significant books and author opportunities potentially hanging in the balance, this situation remains fraught with complexity. The outcome of WH Smith's contemplation of selling its high street assets will invariably ripple throughout the literary community and beyond, impacting thousands of readers and writers.
Though it is unclear what tomorrow holds for WH Smith, its legacy and role on the high streets of the UK will certainly leave shadows behind. The nation faces pivotal changes as WH Smith considers its future, along with the litany of literary means, culture, and community needs intertwined with its storied past.