Bolton-based retailer Midas Jewellery has been forced to close its doors after 25 years of trading in the town.
Midas Jewellery proprietor Stephen Wilding told local newspaper This is Lancashire, that modern-day pressures on town centre businesses has led to the store’s demise.
According to the paper, the impact of online shopping had taken 10% of Wilding’s business, while business rates have also caused the business to struggle.
“We have closed and to be honest many of the shops around the centre are struggling with the business rates,” Wilding told This is Lancashire. “The main thing retailers are up against is online shopping. The internet is taking around 10 per cent of our business.”
He adds: “We are not the first to close and we will not be the last. There will be many more in the future. I have been in the business all my life since I was 21 and I have never known a time where this many jewellers closed. They have always seem to have been able to survive.”
Midas Jewellery is the second jewellers to announce its closure in the last 12 months, after Prestons of Bolton succumbed to changing conditions on the high street.
Prestons of Bolton, one of Bolton’s most iconic shops, closed on New Years Ever after 150 years of trading.