Latest news with #Hamley
Scottish Sun
10-07-2025
- Business
- Scottish Sun
Iconic British toy store with 167 shops closes another 29 locations after suffering heavy losses
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AN iconic British toy company has shut 29 stores and cut staff members, after suffering heavy losses. The toymakers, which has been around for 265 years, shut stores that were not making money, after previously closing 40 stores in 2023. Sign up for Scottish Sun newsletter Sign up 1 Hamley's first opened back in 1760 Credit: Getty Images - Getty Hamleys now runs 11 stores in the UK and 176 stores abroad, after opening 22 new stores up this year. Data from Companies House shows that in the 2024 financial year, Hamleys' profits rose from £51.4m to £53.3m. In the UK, the toy store's revenue rose from £43.9 million to £45.9 million, and in Europe, it rose from £166,000 to £832,000. However, in the rest of the world their revenue fell from £7.3m to £6.5 million. The business also cut 34 members of staff, slashing their headcount from 435 to 401. It is not clear where the 29 stores that have closed are located. A statement from Hamleys said: "We had a strong year, driven primarily by franchise royalties, and we're optimistic about continued growth from it with [the] introduction of new territories along with organic growth of existing territories. 'The UK retail market remains challenging going into 2025 as consumer spending continues to be impacted by inflationary pressures. 'As a result, we remain cautiously optimistic on business growth with a continuous focus on cost optimisation to ensure the profitability of the group. It added: 'The group is continuously striving to improve the customer experience and proposition across all formats to ensure long-term sustainability of the business. Why are pubs closing? 'We remain focused in identifying opportunities for future growth and implementing a robust digital strategy is a key growth driver for the UK in 2025.' 'The strategic review undertaken in 2024 to improve customer experience and proposition across all formats, introduction of new products and services, continued overseas growth and entry into new proprietary and franchise markets has delivered positive results for the group in 2024.' Hamleys was established in London in 1760, and hold the Guinness World Record for the world's oldest toy store. In 2018, the business was bought by Indian business partner, Reliance Industries, following a £70m deal. Hamley's has been contacted for comment. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." More store closures This follows the news that 12 New Look stores are set to close this year, as the chain could "be auctioned off." It comes after the firm previously warned it would close nearly 100 stores ahead of National Insurance hikes which came into place in April. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. Original Factory Shop has announced it's shutting two more locations and has launched huge closing down sales. The budget retailer has been closing stores across the UK as part of a major restructuring.
India.com
04-06-2025
- Business
- India.com
Mukesh Ambani's BIG launch, takes this company to Muslim country, it's not Saudi Arabia, UAE, Turkey, but it is…
Mukesh Ambani, Chairman of Reliance Industries, has inaugurated a new Hamleys store in Kuwait. This is the toy retailer's ninth outlet in the Gulf Cooperation Council (GCC), and will improve its regional presence after successful operations in the UAE and Qatar. It islLocated in Kuwait's largest lifestyle destination, The Avenues in 1.3 million square meters and has more than 1,000 stores across 12 themed districts. Hamleys' debut in Kuwait is the ninth store in the Gulf Cooperation Council (GCC). It also has Hamleys theatre, live demos, and high-energy entertainment. It is designed for children of all ages. Visitors will be greeted by the iconic Hamleys characters, including Hamley and Hattie Bear, the toy soldier, circus ringmaster, and rag doll, sparking joy and fuelling creativity at every turn. It has over 10,000 toys across 100+ brands like LEGO, Barbie, Hot Wheels, Marvel, Build-a-Bear, Bandai, and Candylicious. Hamleys have added Ralleyz and The Boutique, where kids can explore cosmetics, get their nails done, and create their own accessories. Sumeet Yadav, CEO of Hamleys Global said: 'We've been eager to open in Kuwait for quite some time, and The Avenues marks a significant and exciting moment in our journey to spread joy and wonder across the region. This store brings with it not just our iconic British heritage but a contagious spirit of fun, laughter, and smiles for everyone, young and old. The response to Hamleys' arrival in new markets has always been tremendous, and we're confident that Kuwait City, with its world-class mall, will be no exception. As we continue to expand across the GCC, with locations in premier 'The Avenues' is the perfect stage for us to connect with more families and continue our mission to bring the magic of play to children everywhere.' (With Inputs From ANI)
India Gazette
02-06-2025
- Business
- India Gazette
Iconic toy retailer Hamleys opens in Kuwait, 9th store in Gulf
Kuwait City [Kuwait], June 2 (ANI): Kuwait welcomed the world's finest toy store as Hamleys launched a spectacular 1170 square meter store at The Avenues mall. Opened on May 31, this landmark destination brings Hamleys' signature magic to life. Located in Kuwait's largest and most prestigious lifestyle destination, The Avenues spans over 1.3 million square meters and features more than 1,000 stores across 12 themed districts, making it the perfect stage for Hamleys to enchant a brand-new audience. This milestone opening marks Hamleys' debut in Kuwait and its ninth store in the Gulf Cooperation Council (GCC), reinforcing the brand's continued expansion across the region following its strong presence in the UAE and Qatar. The launch further strengthens Hamleys' strategic partnership with the Middle East Retail Group--its trusted franchise partner in the region and a leading retail conglomerate known for bringing iconic global brands to the Middle Eastern market. With its signature Hamleys theatre, live demos, and high-energy entertainment, the store promisesto bring its quintessential vibrant red-and-white world where imagination, play, and wonder come to life. Designed to delight children of all ages, it offers immersive experience zones that redefine traditional toy shopping. Visitors will be greeted by the iconic Hamleys characters, including Hamley and Hattie Bear, the toy soldier, circus ringmaster, and rag doll, sparking joy and fuelling creativity at every turn. A step into Hamleys at The Avenues, Kuwait brings an unforgettable experience. With over 10,000 toys across 100+ brands, Hamleys' arrival is more than just a store opening. Alongside beloved names like LEGO, Barbie, Hot Wheels, Marvel, Build-a-Bear, Bandai, and Candylicious, the store brings these brands to life in new, interactive ways. Exciting additions like Ralleyz, Hamleys' own highenergy RC racetrack, and The Boutique, where kids can explore cosmetics, get their nails done, and create their own accessories, offer unique experiences for young visitors. Sumeet Yadav, CEO of Hamleys Global said: 'We've been eager to open in Kuwait for quite some time, and The Avenues marks a significant and exciting moment in our journey to spread joy and wonder across the region. This store brings with it not just our iconic British heritage but a contagious spirit of fun, laughter, and smiles for everyone, young and old. The response to Hamleys' arrival in new markets has always been tremendous, and we're confident that Kuwait City, with its world-class mall, will be no exception. As we continue to expand across the GCC, with locations in premier 'The Avenues' is the perfect stage for us to connect with more families and continue our mission to bring the magic of play to children everywhere.' Founded in 1760 by William Hamley, Hamleys was acquired in 2019 by Reliance Brands Limited (RBL), a subsidiary of Reliance Retail Ventures Limited (RRVL) -- the retail arm of Reliance Industries Limited (RIL), one of India's largest and most diversified conglomerates. Hamleys, with 187 stores across 13 countries, remains rooted in its iconic Regent Street flagship -- a legendary destination that continues to be one of the most visited spots in the UK. Hamleys' global footprint continues to grow at pace, with exciting new openings in iconic cities such as Naples, Bergamo, Rome, Sharjah, Milan, Tirana, Pristina, and Doha -- each one bringing the magic of play to a whole new audience. Nabil Daud, CEO of Middle East Retail Company, says: 'Bringing Hamleys to Kuwait is an honour -- not just as a franchisee, but as someone who's come to appreciate how deeply loved this brand already is here. So many Kuwaiti families have grown up with Hamleys, visited it abroad, and hold memories that go back generations. This store belongs to them. Our role is simply to bring that magic closer to home -- with all the wonder, laughter, and play that Hamleys is known for.' The opening day was marked by high-energy celebrations, including a vibrant parade through the mall, a traditional bell-ringing ceremony to officially open the doors, and lively appearances by beloved children's characters and heroes -- a truly special day filled with fun, excitement, and unforgettable moments. His Majesty's Ambassador to the State of Kuwait, Belinda Lewis said: 'Hamleys holds a special place in the hearts of many people in the UK, including mine. It's wonderful to see this beloved British brand bring its magic to Kuwait. This opening - full of colour, music and laughter - was a delight to witness, and I was particularly happy that so many young customers could experience the excitement too. It's a beautiful reflection of the strong and growing ties between our two countries - in business, culture and shared moments of fun.' The rich history of Hamleys begins with William Hamley, a Cornish man from Bodmin, England. Hamley dreamed of opening the best toy shop in the world, which he realised when he opened his first shop in Holborn, London, in 1760. Some 265 years later, Hamleys, the best toy shop in the world, is synonymous with magical experiences and joy for children. The Hamleys retail experience includes play opportunities for children, eye-catching shop design, customer service expertise and incredible toy demonstrations. In addition to the popular London toy shop, Hamleys is a global brand currently operating in 13 countries with 187 shops in the UK, Italy, India, UAE, China, Philippines and Mexico. In July 2019, Reliance Brands Limited [RBL] marked its first international foray by acquiring the global operations of Hamleys. RBL has been operating Hamleys franchise shops in India since 2010. (ANI)
Time of India
02-06-2025
- Business
- Time of India
Iconic toy retailer Hamleys opens in Kuwait, 9th store in Gulf
Kuwait welcomed the world's finest toy store as Hamleys launched a spectacular 1170 square meter store at The Avenues mall . Opened on May 31, this landmark destination brings Hamleys' signature magic to life. Located in Kuwait's largest and most prestigious lifestyle destination, The Avenues spans over 1.3 million square meters and features more than 1,000 stores across 12 themed districts, making it the perfect stage for Hamleys to enchant a brand-new audience. This milestone opening marks Hamleys' debut in Kuwait and its ninth store in the Gulf Cooperation Council (GCC), reinforcing the brand's continued expansion across the region following its strong presence in the UAE and Qatar. The launch further strengthens Hamleys' strategic partnership with the Middle East Retail Group--its trusted franchise partner in the region and a leading retail conglomerate known for bringing iconic global brands to the Middle Eastern market. With its signature Hamleys theatre, live demos, and high-energy entertainment, the store promises to bring its quintessential vibrant red-and-white world where imagination, play, and wonder come to life. Designed to delight children of all ages, it offers immersive experience zones that redefine traditional toy shopping. Visitors will be greeted by the iconic Hamleys characters, including Hamley and Hattie Bear, the toy soldier, circus ringmaster, and rag doll, sparking joy and fuelling creativity at every turn. A step into Hamleys at The Avenues, Kuwait brings an unforgettable experience. With over 10,000 toys across 100+ brands, Hamleys' arrival is more than just a store opening. Alongside beloved names like LEGO, Barbie, Hot Wheels, Marvel, Build-a-Bear, Bandai, and Candylicious, the store brings these brands to life in new, interactive ways. Exciting additions like Ralleyz, Hamleys' own highenergy RC racetrack, and The Boutique, where kids can explore cosmetics, get their nails done, and create their own accessories, offer unique experiences for young visitors. Sumeet Yadav , CEO of Hamleys Global said: "We've been eager to open in Kuwait for quite some time, and The Avenues marks a significant and exciting moment in our journey to spread joy and wonder across the region. This store brings with it not just our iconic British heritage but a contagious spirit of fun, laughter, and smiles for everyone, young and old. The response to Hamleys' arrival in new markets has always been tremendous, and we're confident that Kuwait City, with its world-class mall, will be no exception. As we continue to expand across the GCC, with locations in premier 'The Avenues' is the perfect stage for us to connect with more families and continue our mission to bring the magic of play to children everywhere." Founded in 1760 by William Hamley, Hamleys was acquired in 2019 by Reliance Brands Limited (RBL), a subsidiary of Reliance Retail Ventures Limited (RRVL) -- the retail arm of Reliance Industries Limited (RIL), one of India's largest and most diversified conglomerates. Hamleys, with 187 stores across 13 countries, remains rooted in its iconic Regent Street flagship -- a legendary destination that continues to be one of the most visited spots in the UK. Hamleys' global footprint continues to grow at pace, with exciting new openings in iconic cities such as Naples, Bergamo, Rome, Sharjah, Milan, Tirana, Pristina, and Doha -- each one bringing the magic of play to a whole new audience. Nabil Daud, CEO of Middle East Retail Company, says: "Bringing Hamleys to Kuwait is an honour -- not just as a franchisee, but as someone who's come to appreciate how deeply loved this brand already is here. So many Kuwaiti families have grown up with Hamleys, visited it abroad, and hold memories that go back generations. This store belongs to them. Our role is simply to bring that magic closer to home -- with all the wonder, laughter, and play that Hamleys is known for." The opening day was marked by high-energy celebrations, including a vibrant parade through the mall, a traditional bell-ringing ceremony to officially open the doors, and lively appearances by beloved children's characters and heroes -- a truly special day filled with fun, excitement, and unforgettable moments. His Majesty's Ambassador to the State of Kuwait, Belinda Lewis said: "Hamleys holds a special place in the hearts of many people in the UK, including mine. It's wonderful to see this beloved British brand bring its magic to Kuwait. This opening - full of colour, music and laughter - was a delight to witness, and I was particularly happy that so many young customers could experience the excitement too. It's a beautiful reflection of the strong and growing ties between our two countries - in business, culture and shared moments of fun." The rich history of Hamleys begins with William Hamley, a Cornish man from Bodmin, England. Hamley dreamed of opening the best toy shop in the world, which he realised when he opened his first shop in Holborn, London, in 1760. Some 265 years later, Hamleys, the best toy shop in the world, is synonymous with magical experiences and joy for children. The Hamleys retail experience includes play opportunities for children, eye-catching shop design, customer service expertise and incredible toy demonstrations. In addition to the popular London toy shop, Hamleys is a global brand currently operating in 13 countries with 187 shops in the UK, Italy, India, UAE, China, Philippines and Mexico. In July 2019, Reliance Brands Limited [RBL] marked its first international foray by acquiring the global operations of Hamleys. RBL has been operating Hamleys franchise shops in India since 2010.
