Sainsbury’s has put its Oxford Street store up for sale as part of a plan to close a series of underperforming outlets.
The retailer said it was closing the store, just two years after taking on the lease, as the site was too close to another Sainsbury’s store, but property advisers believe the high rates on Oxford Street made it difficult to turn a profit.
Sainsbury’s said it was closing seven Local stores in London as part of a reorganisation, including sites in Covent Garden, Lombard Street, the Square Mile and Cannon Street.
Overall, it plans to close 12 smaller underperforming stores throughout the UK.
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