Britain's WH Smith, one of the world's oldest retailers, has confirmed it is exploring the potential sale of its high street business comprising more than 500 stores across the UK, marking a potential end to more than two centuries of high street presence.

In a statement responding to press speculation, the company, first established in 1792 in London by Henry Walton Smith and his wife, Anna, said it is "exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale."

The high street division currently employs approximately 5,000 staff out of the company's total retail workforce of about 13,870.

The potential sale comes as WH Smith increasingly focuses on its global travel retail business, which operates across 32 countries through approximately 1,290 stores located primarily in airports, railway stations and hospitals. The travel division now accounts for about three-quarters of the group's £1.9bn revenue in the year to 31 August 2024.

Despite challenges facing high street retailers, WH Smith's high street business remains profitable, generating £452 million in revenue and £32 million in profit in 2024. However, it now only accounts for about 15 per cent of the group's full-year profit. The company's most recent accounts noted that "our high street division delivered a good, profitable performance and continues to generate cash allowing us to invest across the group."

Carl Cowling, chief executive officer of WH Smith, indicated this strategic direction in June 2023 when he told the BBC that the company would not be opening any more UK high street stores, instead focusing on UK airports and train stations, as well as expansion in the US and Europe.

The retailer has already begun scaling back its high street presence, closing 14 stores in 2023. Reports indicate that a further 17 stores are set to close this year, including outlets in Greater Manchester, Luton, Basingstoke and Bournemouth. The company has stated it would only renew store leases "where we are confident of delivering economic value over the life of that lease."

WH Smith emphasised that there is no certainty an agreement will be reached, stating that further updates will be provided "as and when appropriate."

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