Well-known shops face closure
Two of the most well known shops in a historic market town are set to close their doors - with bosses blaming the boom in internet shopping for the demise.
TWO of the most well known shops in a historic market town are set to close their doors - with bosses blaming the boom in internet shopping for the demise.
Independent hi-fi retailers Peter Watts - a part of Bury St Edmunds' shopping scene for a quarter of a century - will shut its St John's Street shop for the last time on Saturday.
And they could be joined by entertainment store MVC after the company went into administration placing the axe over more than 70 stores nationwide.
The announcements prompted fears from Barry Everett, shop manager of the electrical goods firm in St John's Street, that small independents stores - which Bury has made its name on - could have no future.
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Mr Everett said this could especially be the case when the town's multi million pound Cattle Market development is built and a host of national stores move to the area.
“Small shops these days just cannot compete with the internet and prices on line,” Mr Everett told the EADT. “I have seen this problem grow and grow and there has been little anyone can do about it. It is all very sad as Bury is known for its smaller stores but I think the future for shops like this is going to be very limited.
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“I have been here for 25 years and a lot of people have come in and said they will be sad to see us go.”
The future of MVC, which has a shop in the Cornhill, looks equally bleak after corporate advisory and restructuring group Kroll was appointed administrators to the nationwide CD and DVD retailer just before Christmas.
Although jobs are safe at present while the company continues to trade as normal, the administrators will review all options for the business.
It is hoped that the store - which is currently staging a “closing down” sale - will remain in its present format but a spokesman for the administrators said this would depend on any future buyer.
The spokesman added: “The company has been placed into administration following cash flow difficulties experienced as a result of competitive trading conditions.
“The dynamics of the market place is changing with the increasing dominance of the supermarkets, along with pirate DVDs and CDs as well as internet downloads and sales which are impacting heavily upon the market.”