The renowned retail brand Woolworths could return to UK high streets in 2024, German CEO Roman Heini has hinted.
Woolworths, operated by the F.W. Woolworth Company, faced financial difficulties in the UK and went into administration more than 15 years ago. The brand in Germany, where it is known as Woolworth, was saved by HH Holding.
The company had a long history in the UK, dating back to 1909 when the first store opened.
Woolworths was known for its variety retail model, offering a wide range of goods at affordable prices such as pick 'n' mix sweets.
So what has Mr Heini, the CEO of HH Holding, said about a possible UK return?
Here is everything we know about a potential return for the brand affectionately known as 'Woolies'.
Is Woolworths returning to the UK?
The former CEO of Aldi and Lidl Mr Heini told the trade magazine Retail Week: “I don’t know of any brands where the recognition will be as high as it is in Britain, without having any stores. We have secured all the trademarks for the brand for the whole of Europe, so we could operate if we make the decision. It may be in the mix for the mid or long-term future.
“There are over 300 million potential consumers in Europe and no dominating player. The market is still there to be divided between the potential players for the future.”
As reported by the BBC, Woolworth Germany said it was "unable to confirm any plans for Woolworth to return to the UK market" but that such a move was not ruled out in principle.
"Britain is on his [Roman Heini's] bucket list, although nothing is imminent," a spokesperson said, "but it may be in the mix for the mid- or long-term future".
When did Woolworths close in the UK?
Once a staple of the high street, Woolworths had more than 800 stores in the UK at its peak.
In the early 2000s, however, the company experienced declining sales and struggled to adapt to changing consumer preferences and increased competition from other retailers.
Woolworths had accumulated significant debts and its overall financial performance was poor. The company's traditional business model, which relied on selling a diverse range of products, was no longer as effective in the evolving retail landscape.
The global financial crisis, commonly referred to as the "credit crunch," hit around the same time Woolworths faced its financial troubles. The economic downturn negatively impacted consumer spending, making it even more challenging for struggling retailers.
In December 2008, just a few weeks after going into administration the previous month, Woolworths stores across the UK began closing down sales. The closures were completed by early 2009, resulting in the loss of thousands of jobs and marking the end of a significant era in the UK retail landscape.
After the closure of Woolworths, various retailers and businesses acquired some of its former store locations, and the brand name has been discussed in subsequent years in different contexts, but a revival of Woolworths as it once existed in the UK has not occurred.
Where are there Woolworths in the world?
Woolworths Limited is one of the largest supermarket chains in Australia. It operates supermarkets, liquor stores, and various other retail outlets. It is a separate entity from the historical F.W. Woolworth Company.
Woolworths Holdings Limited is a South African retail company that operates under the name "Woolworths" in South Africa. It is a major player in the South African retail industry, offering a range of products, including groceries, clothing, and beauty products.
It's important to note that there is no direct connection between these Woolworths entities and the F.W. Woolworth Company that was historically present in the US and other regions. The F.W. Woolworth Company, known for its "five-and-dime" stores, faced financial difficulties and closed its US stores in the late 20th century.
