Brick-and-mortar retail stores have been bearing the brunt of rising business rates, which has led to a spate of store closures. In 2024, 13,479 stores ceased trading, marking a 28 per cent jump from 2023 figures.
This is equivalent to an average of 37 shops closing every day. This year, even more shops are set to close, with a record number of store closures possibly reaching 17,349, surpassing the 17,145 record from 2022, according to Centre for Retail Research data.
High street optical stores are no exception. In June last year, eyewear manufacturer Charmant Group ceased its operations in the UK, although it expressed its intention to continue trading from its Paris and Munich offices and Willstätt logistics hub.
Despite visible slowdowns for high street opticians and retailers, eyewear company Vision Express has maintained steady growth and expansion. But how has the optical store managed to stay afloat? Here’s a look into Vision Express’ growth and expansion efforts:
A look at Vision Express
Vision Express, which opened its first store in England in 1988, is home to premium eye care products and services, including glasses, sunglasses, contact lenses, and eye exams. Vision Express’ eye test service includes an Advanced Eye Test consisting of an ocular screening with an OCT 3D scan, UV protection assessment, and other assessments that allow for early detection of underlying problems that can affect vision health, such as high blood pressure and diabetes. Patients who qualify can also avail of Vision Express’ NHS-funded eye test, which provides a standard health screening, vision test, and personalised advice from the doctor. Vision Express operates more than 400 stores in the UK, and its recent efforts show the eyewear retailer is committed to maintaining its growth.
Bouncing back
In a statement signed by the eyewear retailer’s board, the optical store has admitted that inflation “continues to put pressure on the company through increased cost of goods supplied and employee costs.” However, despite slowdowns, Vision Express managed to boast strong fiscal performance, posting a turnover of £345.3 million for the year to 31 December 2022, which marked a significant increase from £333.6 million in 2021. Vision Express’ UK arm generated pre-tax profits amounting to £7.9 million in the year to December 31, 2023. Meanwhile, its pre-tax losses went from £1.7m to £173,000. Vision Express’ strong performance is mirrored by its major revamping efforts to boost its physical outlets nationwide.
Revamping efforts
In previous years, Vision Express underwent major renovation efforts geared towards revamping its brick-and-mortar stores to serve its customers better. Its flagship store on London’s Oxford Street now boasts a new innovative design that makes cutting-edge eye care services more accessible to patients. Today, it spans three floors — with the first and second floors dedicated to eyeglasses and sunglasses — and showcases more than 90 eyewear brands alongside comprehensive eye care services. Its Fesheny Shopping Centre branch was also relocated in 2023 for revamping efforts. Despite the growth of eyewear e-commerce platforms, Vision Express has stayed committed to improving the environment and services of its physical shops through refitting and renovations, allowing UK customers who prefer physical shopping to enjoy a high level of personalised care and services.
As economic slowdowns in the retail industry continue to threaten the operations of physical shops across the country, eyewear retailer Vision Express maintains a positive outlook with its recent growth. Its efforts and investments in redesigning physical stores reflect the company’s commitment to sustaining its strong market performance in the years to come.
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Eyewear Retailer Vision Express Sees Steady Growth and Expansion
