Shoe Zone forced to close stores after 'significant' Budget tax hikes

Shoe Zone has announced the closure of several stores due to increased costs highlighted in the Autumn budget. The value footwear retailer whose head office is in Leicester, cited a combination of diminished consumer confidence post-budget and "significant additional costs" from hikes in National Insurance and the National Living Wage, rendering some outlets "unviable".

This news marks one of the first direct impacts attributed to the budget, as reported by City AM.

Analysts had predicted that the budget would disproportionately affect sectors like retail and construction, which are labour-intensive. "In retail and hospitality, the challenge is especially tough... These are low-margin sectors, so there’s no real room to absorb higher costs," commented