A bold new vision, or a missed opportunity? That's the question on everyone's lips as we explore the transformation of WH Smith's high street presence into TG Jones.
Six months after the sale, the iconic WH Smith brand has been replaced, but has the new owner, Modella Capital, brought the promised investment and change?
"It's just the same," says Gillian Parsons, a regular shopper in Hitchin, Hertfordshire. "The layout, the products - it's all familiar. Even the branding hasn't changed much."
Jazz Minhas, another shopper, agrees, "I didn't even notice the name change. The signage is so similar, it's almost deceptive."
But here's where it gets controversial. Despite the name change, shoppers like Parsons feel the essence of WH Smith is missing. "I loved Smiths. It had a certain vibe. I'd never say I'm popping to Jones's. It's just not the same."
Modella Capital, the private equity firm behind the deal, acquired WH Smith's high street arm for up to £40 million, with half of that amount dependent on future trading. The price was reduced by £12 million due to "softer trading" concerns.
The company promised to invest and expand, creating a "hub of the high street" with 500 outlets offering a range of services and products. But so far, only 14 of the 456 stores have been revamped, and 24 stores have closed since the deal was announced.
"We need more changes," says Jon Wright, a regular shopper. "It's not what it used to be. I'd like to see more arts and stationery, but books and toys are cheaper elsewhere."
Shoppers admit they're more likely to buy these items online or at competitors like The Range or Poundland, where prices are more competitive.
"It's more convenient to shop at the supermarket," say Tracy Ward and Lisa Bierton. "Cards are cheaper online or at discount stores."
Trading on the high street has been challenging, with shoppers cutting back on gifts and cards due to rising energy and grocery costs, and concerns about tax rises and the economic outlook.
A retail property expert believes Modella will need to make radical changes in July next year, once the 12-month prohibition on restructuring ends. "A large estate with many borderline profitable sites risks being eaten from the tail. They need to invest in key stores and dominate smaller markets, but face competition from the likes of Miniso and The Works in bigger malls."
Another retail insider suggests TG Jones may have benefited from recent business rate changes, but store closures are likely, with up to 100 stores at risk. "The shape of the business will inevitably change. Retail profits are under pressure and the cost of refurbishing ageing outlets is high without guaranteed payback."
TG Jones and Modella declined to comment.
The previous owner, WH Smith, had faced criticism for outdated stores, but many outlets still appear out of date after years of cost-cutting. TG Jones in Stevenage, for example, looks almost identical to its WH Smith days, suggesting it's on a list of sites under threat.
"I used to shop in WH Smith," says Wayne Garland, "but now it's too expensive. With the cost of living crisis, I'm looking for bargains. Poundland offers better value."
Marion and Craig Herbert agree, "We do a lot online now. The world has changed, and there are cheaper and more convenient alternatives."
So, has TG Jones failed to live up to its promises, or is it too early to judge? What do you think? Share your thoughts in the comments below!
