Iceland will shut another five stores after closing 11 already in 2023

Supermarket giant Iceland is set to close even more stores this year after a series of closures.

The frozen food specialist has already closed 11 stores this year as major brands try to cut costs amid rampant inflation and the cost of living crisis.

Now, the budget chain has revealed that it would close an additional five stores between now and September, bringing its total number of closures to 16 by 2023.

One of the latest to be scrapped is Iceland’s Cowdenbeath High Street store in Fife, Scotland, which will close its shutters for good on Saturday, August 12, according to The sun.

This will be followed by the retailer’s site in Llanelli, Wales, on Saturday, September 2.

Then, on Saturday, September 16, the Icelandic store closes at the Market Shopping Centre, Crewe.

The retailer’s sites in St David’s Place, Swansea and Grange Road, Birkenhead, which close on July 29 and September 16 respectively, will also be axed.

Iceland currently has about 500 stores in the UK.

But as the cost-of-living crisis continues to grip the country, supermarket managers have been forced to rein in spending.

Iceland has already closed shops this year Hitchin town center and Beccles branch in Suffolk, which closed on 17 June.

Branches in Bromsgrove, Basingstoke and Rhyl are also closed for good, as are stores in Newport, Berwick and Hexham.

The supermarket, which has opened 200 stores in the past decade, says any closures are part of its ongoing review of its operations.

Richard Walker, Executive Chairman of Iceland Foods, told MailOnline: ‘Across Iceland and The Food Warehouse, we have a portfolio of over 1,000 stores in the UK, and our store base has grown by almost 200 stores over the last decade.

“We typically open more than 20 new stores each year, creating many new jobs and contributing to the growth of local economies.

At the same time, we are constantly reviewing the shopping experience provided to our customers and have always closed a small number of stores each year as local shopping patterns change and store leases expire.

“The company is currently trading very strongly and is reaching record market shares.”

A number of major UK retailers and banks have so far closed major high street branches by 2023. Major brands including Marks & Spencer, Boots and New Look have closed stores in 2023.

Several retailers will also close branches this month, including Argos and Poundland.

Some branches will be replaced by new stores in different locations, while others will leave the high street for good.

The news comes as research from the ONS shows that food prices in the UK are falling more slowly than in most industrialized economies, mainly due to a dependence on food imports.

Food price inflation in March was 21.2 percent in Germany, compared to 19.1 percent in the UK, 16.9 percent in France, 13.2 percent in Italy, 9.7 percent in Canada, 8.3 percent in the US and 8 percent in Japan.