Major DIY Store Homebase Closes Today at London’s O2 Centre, Offering Up to 90% Off, UK

A major DIY store with 153 locations is closing today, offering shoppers the chance to grab bargains with discounts of up to 90 percent. Homebase, which has been a familiar name in the industry, is pulling the plug on its shop at the O2 Centre on Finchley Road in London. The closure comes as plans are in place to build 1,800 new homes behind the shopping center, featuring a new town square with shops, restaurants, a gym, and a cinema. The closure of this particular Homebase store is just one of many, as 93 other stores have already been closed since Hilco Capital took over the chain in 2018. Hilco acquired Homebase for a mere £1 from Australian firm Wesfarmers, marking the end of one of the most disastrous takeovers in recent history. Wesfarmers had purchased Homebase for £340 million and attempted to rebrand it as its own DIY brand. The store’s closure reflects the ongoing challenges faced by brick-and-mortar retailers due to the rise of online shopping, especially during the Covid-19 pandemic. Many retailers have been forced to shutter stores as footfall dwindles and consumers prioritize essential spending. Homebase is not exempt from these challenges, but the company has managed to return to profitability following a CVA agreement and a restructuring of its business. The retailer recently launched a large gardening sale, offering discounts of up to 50 percent on select items. With the closure of its Finchley Road location, Homebase reaches ever closer to its peak store count of 250 stores and its staffing levels of 12,000 employees. As the high street continues to navigate turbulent waters, it remains to be seen how other retailers will fare in the face of changing consumer habits and increasing financial pressures.