A MAJOR high street retailer with 1,400 stores in the UK is to shut a “lovely” site after it launched a closing down sale.

The long-standing Basingstoke, Hampshire, branch of WH Smith’s has been earmarked for closure next year.

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The store, situated in The Malls shopping centre, has been a fixture in the town for more than 56 years.

It is now due to close down for good on February 1, 2025.

WH Smith announced earlier this year it had plans to close a number of sites in the UK although the Basingstoke branch was not originally included.

While it will be closing a number of outlets, it has also been expanding its presence in airports and train stations and new branches are planned at key travel sites.

Signs have already gone up in the Basingstoke branch which are offering discounts on a wide range of items as it begins to wind down operations ahead of its closure.

It’s currently offering 30% off on books and stationery.

The decision to close the branch has been put down to WH Smith’s upcoming lease expiry and changing trading conditions.

A WH Smith spokesperson said: “We can confirm that the WHSmith store in Basingstoke will be closing on Saturday 1st February 2025.

“It is no longer sustainable to continue to trade from this location and the decision has been taken to close the store as a result of the forthcoming lease expiry.

“We are disappointed to be losing our presence in Basingstoke and we would like to thank all our customers for their support and for shopping with us.

“We are also extremely grateful for the commitment of our in store colleagues who we will support with this transition and redeploy to nearby stores, where possible.”

As there has been a branch in Basingstoke for so long, locals are likely to miss the store, with one customer calling it “lovely”.

They said online: “Lovely shop to visit if you’re looking for an obscure magazine title, look here first as they have a very large range which is quite impressive.

“Also available, I  found was books, cards and stationary for yourself or the odd bits for kids for school.

“Very polite and friendly staff. Nice, busy at times store.”

Many other locals feared the impact of the closure could affect the town’s Post Office which moved into the WH Smith branch in 2019.

The Post Office has confirmed that they are in the process of finding a new operator to take over the branch.

One person said in a Facebook post: “Turning it into a proper Post Office would be an asset.”

Another wrote: “Hopefully the Post Office will decide to take the whole downstairs unit and open a larger service up again like Basingstoke used too at top of town.”

While a third added: “We need a decent sized Post Office like the top of town was .

“So handy for parking, everyone could access the Post Office.

“Real shame WH Smith is closing but hope the Post Office will take the whole unit.”

WHSmith is closing a number of branches across the UK as it looks to extend its arm into the travel sector.

The retail giant, which runs some 1,400 stores, has shuttered eight stores since March 2023, including in Manchester and Bicester, England.

Meanwhile, the stationer has waved goodbye to branches in Oban, Scotland, and Ramsgate, Kent.

But it also comes amid a time of expansion for the chain, which is opening 15 branches at airports and train stations in 2024 in a boost for shoppers.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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The stories that matter on money and politics in the race for the White House

Different situations call for different classic investment books to be pulled down from the shelf. In a roaring bull market, you might want to familiarise yourself with Reminiscences of a Stock Operator. At a different point in the cycle, you might reach for a collection of the maxims of Warren Buffett. 

This week, though, there’s really only one thing to pack for the commute; John Coates’ 2012 masterpiece, The Hour Between Dog And Wolf.

Coates is a neuroscientist who had previously been an options trader at Goldman Sachs and Deutsche Bank. His book applied biology to finance, detailing the results of studies carried out on the hormonal balances of traders, and general results about human behaviour and decision-making under conditions of stress.

As the FT review put it:

In male traders — and most are young men — a run of success creates a testosterone-fuelled “winner effect” in which the trader is biologically driven to take ever greater risks. When he crashes into huge losses, his whole personality changes (a transformation that Coates calls the “hour between dog and wolf”, a phrase apparently popular in medieval times to denote the period of confusion and potential metamorphosis around dusk). The cowed trader becomes apathetic and, for a while at least, excessively risk-averse.

In other words, it’s the perfect framework to think about the environment we’re going to see this week. A hugely important and unpredictable election, with lots of late night trading and major US news falling into European and Asian markets, potentially staffed up with young and inexperienced traders. And then there’s a Fed meeting on Friday.

Things are going to be volatile.

People don’t like to think too much about the fact that — no matter how sophisticated the systems and algorithms making the trades are — the ultimate decisions are being made by human animals that eat, sweat and excrete. (One of the most memorable passages in Coates’ book describes the state of the men’s’ bathrooms at Goldman Sachs on a particularly bad trading day during the dotcom bust). 

But whenever we’re talking about “vibes” and “sentiment”, to a very large extent we’re talking about chemicals in the bloodstream, the sorts of things which in less complicated beasts are linked to instincts of fighting, running away and reproduction. None of which you’re meant to do while you’re trading short term interest rates. 

So the kinds of behaviours that people really want get controlled and sublimated into recognisable trading patterns. For example, in conditions of “novelty, uncertainty and uncontrollability”, the body produces cortisol, a hormone that’s associated with a desire to avoid risk and seek familiarity. In markets, this shows up in reduced liquidity and wider spreads — which in turn cause more volatile price swings, exacerbating the stress in a sort of feedback loop. 

It’s not impossible that there’s an element of cortisol reaction in the way that specialist Election Data Knowers have tended to make adjustments to avoid standing out from the crowd.

At some point, though, someone is going to get the sense that they’re winning — either in terms of the political party they support, or their trading position. This is also self-reinforcing, because the “winner effect” (established to a surprising degree of statistical certainty by taking urine tests from the crowd at World Cup Finals) generates a surge of testosterone. 

That hormone makes people more confident in their decisions and inclined to increase their risk. It’s the sort of thing that, for example, might cause someone to end up with $30mn at stake on prediction markets.

It’s possible to mitigate the effects, a bit. Trading desks which employ women (and men old enough to enjoy the cognitive benefits of declining testosterone levels) are less likely to get carried away, as Coates demonstrated. You’re less vulnerable to falling into a cortisol slump if you’ve done sufficient preparation and have enough experience to be able to deal with things “pre-attentively”, without too much conscious thinking. 

And there’s decent evidence from sport and military contexts to believe that repeated exposure to “thermal shock” can harden the hormonal system and reduce the tendency to wild swings.

So, taking a cold shower before the market gives you an ice bath might be sound advice. But the main takeaway from “The Hour Between Dog And Wolf” is that there’s really not much that can be done in situations that some traders are likely to find themselves in tonight. 

Investors have always hated political risk because it’s impossible to analyse, it’s extremely difficult to hedge and it’s not what they’re used to — the exact trio of “novelty, uncertainty and uncontrollability” which causes the brain to shut down. 

We might have to accept that this week is going to be a mistake-rich environment and pick up the pieces later when we’ve all calmed down.

THE boss of Primark blasted Chancellor Rachel Reeves’ Budget yesterday — claiming it had added “tens of millions” to staffing costs.

George Weston, chief executive of its owner, Associated British Foods, told The Sun that it will be forced to respond by rolling out more self-checkouts.

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He said: “It’s a tough Budget for the high street and those in the food service industry. We knew taxes were going up, but I think the burden and where they’ve fallen is disproportionate.”

His comments came after Reeves said she would raise £25.7billion from hiking employers’ National Insurance contributions, a move the budget watchdog says is likely to see firms shrink workforces, hike prices and lower future earnings for staff.

He said “We’ll redouble our efforts to keep costs down and protect profit margins and one way we can do that is using more self-checkouts.”

He said Primark’s aim would be to “hold prices” rather than cut them as fast as it had hoped.

He reasoned, however, that the budget fashion retailer could benefit from the minimum wage hike as low earners would have more to spend.

He said: “If money is transferred to less affluent shoppers, Primark tends to benefit disproportionately”. He branded “ill-judged” the Chancellor’s plans to increase business rates on those with the most expensive properties to afford reductions for smaller shops and pubs.

He said: “It’s a curious move to increase the tax burden on the anchors of the high street and shopping centres who drive footfall to towns.”

Despite the tough choices, Primark is one of retail’s strongest names.

Total sales lifted 6 per cent to £9.4billion in the year to September 14, while operating profits jumped 53 per cent to £1.1billion.

UK sales grew only 2 per cent due to the washout summer.

The results vindicated Primark’s resistance to joining the online bandwagon.

Instead, it is rolling out click and collect counters. It said digital orders had the benefit of driving more shoppers to its stores.

PAIN IN THE ASOS

LOSSES at Asos have widened by almost a third to £379.3million as the online retailer continues to grapple with the hangover from its lockdown binging.

Asos is writing off £100million-worth of unwanted clothing.

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The company was left with a £1.1billion stock mountain after being over-optimistic that rapid growth would continue once Covid restrictions ended.

Its core base of young shoppers do not want last season’s fashion trends, meaning Asos has had to discount heavily to reduce the stockpile to £520million.

Boss Jose Antonio Ramos Calamonte said the troubled business was taking “the medicine needed to put Asos on the right path”.

Annual sales slumped by 16 per cent to £2.9billion.

Mr Calamonte also confirmed Asos is launching a Topshop website and considering opening standalone stores after selling a majority stake in the brand.

VODA AND THREE ‘TO BE ONE’

AN £18BILLION mobile merger between Vodafone and Three could finally go ahead if they agree to pegging prices for three years and rapidly rolling out more 5G networks.

The competition watchdog yesterday cleared the path for the deal, 17 months after the merger was first announced in June 2023. It comes after the Government said the competition regulator should be more mindful of how it impacts economic growth.

Kester Mann, telecoms analyst at CCS Insight, said: “Vodafone and Three can tentatively order in the champagne.” Stuart McIntosh, of the Competition and Markets Authority, said: “We believe this deal has the potential to be pro-competitive if our concerns are addressed.”

In September the CMA had warned it was worried consumers could be harmed by higher prices from the deal, which reduces the number of mobile players from four to three.

Visit Park City

Park City, Utah, delivers stunning mountain scenery, endless outdoor adventures, and an unforgettable après-ski culture. Whether you’re hitting the slopes or exploring Main Street’s charm, here are the top hotels in Park City for luxury, convenience, and unique amenities.

YOTEL Pads

Located in the heart of Canyons Village, YOTEL Pads Park City offers a tech-savvy, minimalist approach to mountain lodging. This unique hotel concept features modular “Pads,” complete with kitchenettes, smart storage, and Murphy beds to maximize space. Communal spaces like the lounge, heated outdoor pool, and hot tub make it easy to unwind and socialize. With ski-in, ski-out access, it’s ideal for adventurous travelers and digital nomads alike.

Pendry Park City

Located in Canyons Village, Pendry Park City offers a modern mountain vibe with direct ski access and stylish amenities. The hotel’s rooftop pool and bar are a hit for sunset cocktails. Guests appreciate the high-end spa, ski valet, and multiple dining options, including Japanese-inspired cuisine at KITA. Pendry’s contemporary rooms and proximity to the village shops make it a top choice.

Pendry Park City

Main & SKY

Located just off Main Street, Main & SKY blends contemporary design with the rustic charm of Park City’s historic district. This boutique hotel features spacious suites, each with private hot tubs and chic, minimalist decor. Guests appreciate the proximity to Park City Mountain Resort, as well as the rooftop lounge perfect for après-ski cocktails. The intimate setting and exceptional service make it a top choice for couples and small groups.

Westgate Park City Resort & Spa

Westgate Park City Resort & Spa, located in Canyons Village, offers a family-friendly stay with extensive amenities and ski-in, ski-out access. The resort features an indoor/outdoor pool, Serenity Spa, and a Kids Club for young travelers. Guests can enjoy Edge Steakhouse, known for its hearty mountain fare and extensive wine list. The spacious suites, complete with kitchens and fireplaces, provide a homey, comfortable base for ski adventures.

Westgate Resorts

Hyatt Centric Park City

Situated slope side at Canyons Village, Hyatt Centric Park City delivers modern mountain charm and convenience. The ski valet service and direct access to the Sunrise Lift make it a favorite among skiers. With amenities like a heated pool, fire pits, and spacious rooms with kitchenettes, the hotel feels luxurious yet cozy. Powdered culinary options include a stylish restaurant and bar, offering seasonal, locally inspired dishes.

AC Hotel by Marriott Park City

Located in Kimball Junction, just a few minutes north from Park City, AC Hotel Park City provides travelers with comfortable and convenient stay. Travelers praise the attentive team, the spacious guest rooms, and the excellent onsite breakfast options. contemporary style at an affordable price, just minutes from Canyons Village. This sleek hotel offers modern rooms, an outdoor pool, and a lively lounge area. The AC Kitchen serves up European-inspired breakfasts and local coffee. Guests love the nearby shopping, dining, and the easy access to mountain trails.

Marriott

Treasure Mountain Inn

Towards to top of historic Main Street, Treasure Mountain Inn offers an eco-conscious stay close to all the nightlife, après, and dining scene. This green-certified inn provides condo-style suites with kitchenettes, ideal for longer stays and families. The lush courtyard and hot tub create a serene oasis amid the bustling downtown. Just a short shuttle ride from the slopes, it’s perfect for travelers seeking both ski access and downtown convenience.

Zermatt Utah Resort & Spa

For travelers who don’t mind staying a little further away from the mountain, Zermatt Utah Resort & Spa, in Midway offers Swiss inspired charm.  A unique, relaxing escape from the congestion of downtown Park City. With scenic mountain views and quick access to local hot springs, Zermatt Utah provides both luxury and natural beauty. Guests can unwind in the full-service spa, indoor/outdoor pool, and grab a bite at their traditional Swiss bakery. Enjoy a European-styled ski vacation without flying to Europe!

Zermatt Utah Resort & Spa

Each of these hotels adds a distinct flavor to the Park City experience, from the excitement on Main Street to quiet family-friendly retreats. With ski season just around the corner, these unique accommodations ensure an unforgettable trip to Park City.

In today’s newsletter:

• What to watch as US election results come in

• China and Saudi Arabia’s deepening financial ties

• Signs of life in China’s property market?

Good morning. Final votes are being cast in the tightest US presidential election race in modern history, with the first polls closing in about an hour. Who voters elect — Kamala Harris or Donald Trump — could mark their country, and the world, for decades. Here’s what to watch as results roll in.

The seven swing states: The election is likely to be decided in the battleground states of Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin, which have a combined 93 electoral college votes. The Financial Times poll tracker shows the candidates in a statistical tie in all seven.

Gender divide: From race to education and class, the US’s great divisions will be laid bare. But the biggest division could be over gender — and it may decide the election. Polls show women have been flocking to Harris on the back of her vow to protect abortion rights. But men have increasingly turned to Trump, who has tapped into their anxieties and grievances.

Timing of the vote count: Polls will start closing from 6pm ET (7am HKT), with the final ones shutting the doors at midnight ET. Results for some states will start to come in soon after. But we may not have a clear result for several days. Razor-thin margins could lead to recounts, and legal challenges could drag out the process.

Trump’s response: After refusing to accept that he lost the 2020 election, the former president has spent much of his campaign planting seeds of doubt about the integrity of the voting process. Here is what Trump could do this time around, should Kamala Harris win.

Follow the FT’s live coverage here — our correspondents will report from across the country as results stream in.

Our free-to-read US Election Countdown newsletter is turning into White House Watch, where we’ll unpack what the US election result means for Washington and the world. Sign up here to get the newsletter in your inbox every Tuesday and Thursday. Plus, we’ll have a special edition this Wednesday.

Here’s what else I’m keeping tabs on today:

• Global markets: The US election will have sweeping implications for global markets. Wall Street is preparing for “a long night for volatility” as investor mood remains febrile.

• Economic data: October inflation data is due in Taiwan, Vietnam and Thailand.

• Monetary policy: Malaysia’s central bank announces its interest rate decision.

• Results: Toyota, Honda and Tata Steel report earnings.

Five more top stories

1. China has picked Saudi Arabia as the venue for its first sale of US dollar sovereign bonds in three years, underlining its backing for the oil-rich kingdom’s bid to become an investment hub. Beijing has traditionally issued US dollar bonds in Hong Kong. The choice of Saudi Arabia for this new issuance is symbolic of the deepening financial ties between the two countries.

2. Israeli Prime Minister Benjamin Netanyahu fired his defence minister Yoav Gallant, saying that “significant gaps” had emerged between them over the management of the war. Netanyahu said that Gallant would be replaced as defence minister by the foreign minister, Israel Katz.

3. AstraZeneca shares fell 8.4 per cent yesterday amid an intensifying corruption purge involving its China chief. Chinese publication Yicai reported yesterday that dozens of executives have been implicated in an investigation of medical insurance fraud. The report came after AstraZeneca disclosed last week that its China president Leon Wang was co-operating with “an ongoing investigation by Chinese authorities”.

4. Apple has warned investors that future products may never be as profitable as its iPhone business, as it pushes into unproven new markets such as artificial intelligence and virtual reality headsets. The iPhone maker added the new warning on growth and profit margins to its latest annual report, in the list of “risk factors” facing the tech group’s business.

5. French and Dutch financial authorities raided the offices of Netflix in Paris and Amsterdam yesterday. The searches were part of a long-running investigation into potential tax fraud and breaches to labour law.

News in-depth

After a more than three-year slowdown, there are some signs of life in China’s real estate market. But interviews in six cities show there are lingering doubts about its longer-term prospects.

We’re also reading . . . 

• ‘Containeristan’: Shipping containers used to stop political demonstrations are an eyesore in the verdant city of Islamabad, writes our Pakistan correspondent Humza Jilani.

• Israel unbound: Buoyed by military gains, Israeli Prime Minister Benjamin Netanyahu now wants to dismantle Iran’s forces across the Middle East and reshape the region.

• Chinese cars in Norway: Brands such as MG, BYD and Xpeng are common sights on Norwegian streets, in a sign of how far China has advanced in cars.

Chart of the day

Taiwan’s soaring energy prices and growing outages are affecting TSMC, the world’s largest chipmaker. Following a series of price increases, the company now expects to pay more for power in its home country than anywhere else. Here’s how Taiwan’s shaky energy transition is straining its industry.

Take a break from the news

In tribute to Quincy Jones, the legendary US musician and producer whose death was announced yesterday, we are sharing an interview from 2012. Jones talked about his work with some of the most popular artists of the 20th century, including Michael Jackson and Frank Sinatra, and revealed how he learnt cockney rhyming slang from the actor Michael Caine.

GREGGS has declared war on “zombie” customers who keep their headphones on while at the counter.

Staff at the bakery giant have threatened to not serve punters listening to calls or music when they are meant to be ordering.

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A sign at one branch warns discourteous diners they could miss out on their favourite sausage roll or steak bake if they refuse to pay attention.

As well as using noise cancelling tech such as AirPods, punters glued to their phones are also in the firing line.

The notice at a Greggs in Croydon, South London, says: “When in queue, remove your headphone/AirPods and come off phones or we may have to refuse service.”

A staff member at the branch told The Sun: “We get more and more customers coming in who seem to be lost in another world.

“We try to be helpful and get everyone served quickly during busy times but it’s impossible if customers can’t hear a word you’re saying.

“The sign is pretty blunt but we have no option.”

Another worker went on a rant online about customers’ treatment of Greggs staff.

They wrote: “Can people please stop talking on the phone when placing an order! It’s rude to workers because we have to wait until you stop.

“I have got to the point where I will just ask what we are required to. I do not care if it interrupts your call, I am not going to wait for you to finish when there are people behind you. Stop doing it.”

Greggs did not comment but a source at the firm yesterday said the headphone crackdown is not company policy.

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