Wade Smith closes shop

Wade Smith, the famed Liverpool retail independent is closing its doors a second time in a failure to secure funds to keep trading. Owner Robert Wade-Smith bought the store out of administration only last year, however was unable to prevent the store being closed for good.

According to Draper's Record, Wade-Smith had been refurbishing the five-storey boutique into a menswear only store on three floors, when the site was returned to its landlords.

The downfall is partly due to key brands such as Armani, Hugo Boss and Levi's opening their own retail stores in Liverpool. Wade-Smith was previously the destination for fashionable menswear, however was unable to compete when major brands left to set up their own stores. The entrepreneur is further considering launching a namesake wholesale line.

Wade-Smith was quoted as saying "There was no way we could climb back up to where we were. The rent had gone up to around £600,000 and I decided it was best to make a clean break."

Wade Smith started as a small independent footwear retailer in 1982, specialising in vintage and difficult-to-get Adidas trainers. The company was sold to Arcadia Group, who also own Topshop and Burton, in 1998 for £17,3m and bought back by Wade-Smith for £7m in 2001.