Jigsaw looks to expand store estate following restructuring

British womenswear retailer Jigsaw is reportedly planning to open new physical stores after streamlining its store estate in 2020.

Chief executive Beth Butterwick told the Times that the retailer could open about 20 new sites in the next few years, mainly in market towns, regional city centres, and on smaller sites.

“We will open as many stores as we can agree and find the right location,” she said, adding that the company is “really positive about the role of stores”.

“The high street has gone through a battering and some high streets are reshaping themselves. Going back into locations where we were before feels like the right thing to do,” she said.

The company recently opened a store in the new Battersea Power Station shopping centre in London, which brought its total store count to 45.

Pandemic recovery

Jigsaw was hit hard during the pandemic as its stores were closed and consumers sought more casual looks during lockdowns.

The company, which was founded in 1970, closed 30 of its 76 stores as part of a CVA restructuring in 2020.

But it has shown signs of recovering since markets opened back up following the end of lockdowns.

In its most recent trading update, albeit for the year ended last January, the retailer posted a 23.2 percent increase in revenue to 47.7 million pounds.

In the same period, it reported EBITDA of 2.8 million pounds compared to a loss of 18.7 million pounds a year earlier.