Not the end. The opportunity...

My Tuesday post on WHSmith leaving the high street sparked a lot of interest and, quite possibly, a fair bit of nostalgia.

But what about the other half of the story?

Because while a well-loved brand may have evolved away from the high street, what’s happening now with its bricks-and-mortar real estate could be far more exciting.

There’s no doubt Modella Capital is a smart investor with strong form in UK multi-location retail - think Hobbycraft, The Original Factory Shop, and now a keen interest in Lakeland. And it has clearly seen something that many doom-mongers scanning the headlines have missed.

This isn’t a move rooted in sentiment. It’s acquired a fully functioning, albeit somewhat tired, 480-store high street business for just £76 million. A strategic move with eyes firmly on the future of retail in our towns and cities.

Yes, the WHSmith brand stays with the travel division, but Modella gets the high street platform - a national retail network still generating significant revenue. In other words, a physical footprint, without the burden of a legacy brand attached.

And that’s where it gets really interesting.

They now have a rare asset in their hands: a blank canvas on the high street.

An opportunity to reinvent the idea of a high street retail network - to rethink, at scale, how physical retail shows up in communities.

To rethink how it connects meaningfully with local audiences, creates brand experiences that build lasting loyalty, and offers something the online world simply can’t.

The new name for this retailer - TGJones, has already divided opinion. True, it may not carry 230 years of history - but perhaps that’s the point. It isn’t about leaning on what came before. It’s about what comes next. And let’s be honest, who knows how long this name will stick around - it may be just a transition play.

Because this is a reset, and a smart one. The constraints of legacy have gone.

What remains is national reach, proven infrastructure, a profitable and cash-generative business as well as an experienced, high-performing team.

And above all, it’s a chance to do something genuinely different.

My feeling? This wasn’t about buying WHSmith’s past. It was about backing a very different kind of future for the high street.

Smart move. What do you think?

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