Bromley retailer EW Payne is set to close its doors after 103 years, following a downturn in local trade.
The 103-year-old family-run jewellery store has become an iconic retail location in the south east London town. It is due to close this month following a large-scale clearance sale in which £3m worth of stock will be reduced.
The retailer, which welcomed the Queen during 2012’s Diamond Jubilee, says it has been affected by the recession. It will close despite significant investment in the store’s interior last year which included the creation of additional showroom space on the first floor and a champagne bar.
Its director Nick Stanhope believes that a nearby shopping mall has negatively impacted sales, taking customers away from the local high street.
Stanhope said: "We have been massively affected by Bluewater as shoppers have been drawn away from traditional businesses that pride themselves on delivering great products and exceptional customer service.
"As a fourth-generation family member it is devastating news for me, my family and colleagues at EW Payne that we have to close after such a long history in Bromley. Over the years we have served many generations of our customers and their family members as they purchased pieces to celebrate special occasions or as gifts.”
In preparation for the clearance sale the store close this Sunday June 9 until June 15 when it will open doors at 10am for the clearance sale. The sale will run until stocks last with up to 60% reductions on fine jewellery, wristwatches and giftware.
EW Payne was established in 1899. Presently it sells jewellery by brands including Georg Jensen, Fope and Roberto Coin and watches by Longines, Victorinox, Raymond Weil, Citizen, Seiko and Tissot.