Flying Tiger Copenhagen arrived in the UK in 2005. Since then, the Danish brand has employed an aggressive store opening policy. The brand currently has 95 stores around the country, many in high-street shopping centres, selling affordable stationery, homeware, toys and party items.
In its latest Companies House report, accounts show sales were down from £48.1m to £47.3m for the year ending December 31, 2018. A 74% fall in profits was blamed on increased expenses and interest payments.
Peter Casey, managing director of Tiger Retail Ltd commented in an article published by the Mail on Sunday: “We generated a profit in 2018 - albeit not at a level which was satisfactory.”
He added: “The UK retail sector is experiencing challenging times with consumer spending pressures, increasing costs – especially rent and payroll – and significant numbers of store closures. Tiger Retail has not been immune to this.”
The brand’s Companies House report cited the main risk to sales were: “a decline in consumer spending, falling footfall in high-street shopping centres, and the brand failing to renew itself and stay relevant.”
The reference to decreased footfall in high-street shopping centres is particularly timely, following a report in Birmingham Live on 6 August that the Sutton Coldfield branch of Flying Tiger Copenhagen in Birmingham will shut at the end of August.
A Flying Tiger spokesman said: “We can confirm that our store in Sutton Coldfield will be closing at the end of August.
“We have carried out a strategic review of our property portfolio. Regrettably we have decided to exercise our option to exit the store. We have a number of other stores situated in close proximity, therefore it is hoped that a significant number of the people affected can be relocated.
“Flying Tiger continues to be strongly committed to the Midlands Region and has no further store closures planned.”