WH Smith has reported a decline in High Street sales, following its announcement that it plans to sell 500 of its UK stores. The company revealed a 6% drop in High Street sales over the 21-week period to January 25, which includes the crucial Christmas trading season. This marks a 3% decline compared to the previous year.

The retailer, which has already closed 14 UK stores in the past financial year, intends to shut another 17 locations in 2025. Despite the struggles on the High Street, WH Smith saw positive performance from its travel retail business, which operates in airports, train stations, and hospitals. This segment continues to thrive, with plans to expand further in the US.

Carl Cowling, WH Smith's group CEO, emphasized the company's strong position despite some economic uncertainty, expressing confidence in achieving another year of growth in 2025.

Founded 233 years ago, WH Smith has been in talks regarding the potential sale of its High Street stores, which employ around 5,000 people. The company intends to focus more on its travel retail operations, which now account for over 85% of its profits. If the sale goes through, the post offices within 195 of the stores would remain.

Julie Palmer, partner at Begbies Traynor, noted that WH Smith’s decision to exit the UK High Street market after more than two centuries reflects the challenges faced by the retailer. She added that the impact of increased business taxes in the UK might have exacerbated the decline, and while the company may find it difficult to secure a buyer, private equity firms could be interested in acquiring the stores.

WH Smith's travel retail division currently operates 1,200 stores in 32 countries, with significant growth in North America. The company has secured contracts for eight new stores at Orlando Airport and plans to open 60 locations in the US, contributing to a 3% growth in like-for-like revenues in the region.