New Look will open its first ever clearance store this week at The Boulevard outlet centre in Northern Ireland
The aim is to improve its full-price sales following its CVA in 2020 which allowed it to move to turnover-based rents at its 400 stores
The 2,406 sq ft store is New Look’s first venture into clearance retail and will sell womenswear, footwear and accessories.
New Look’s move into outlet stores comes as the retailer pushes ahead with turnaround efforts following its company voluntary arrangement in 2020 that allowed it to move to turnover-based rents at its more than 400 stores.
The opening of outlet stores could help the retailer reduce discounting in its core stores and online.
The retailer returned to profit in its last financial year to 27 March, 2021, despite the impact of the pandemic. Despite sales falling 40% to £542 million, it recorded a statutory pre-tax profit of £108 million against a pre-tax loss of £430 million the previous year.