US sports retailer Lids to exit the UK after three years

Lids, which specialises in athletic hats, snapbacks and merchandise, is understood to be in negotiations with landlords to end its leases on stores in the UK, according to Drapers.

Sources revealed that all Lids stores in the UK are expected to close upon agreements being made.

Lids first entered the UK market in December 2021 and to date has more than 20 stores in its UK store estate, alongside its around 2,000 stores in the US.

Lids declined to comment on the potential closures.

Lids parent company Fanatics however, has continued to remain laser-focuesd on the UK as a market of opportunity.

Retail Week revealed earlier this year that Fanatics plans to open its first standalone store in the UK on Regent Street, London.

While the timing still remains unclear, a store opening in London would mark the first time the company has ventured into high street retail having previously run shops in stadiums and sports venues on behalf of partner clubs and teams.

In August, Fanatics also renewed and expanded its partnership with the FA in a deal that allows it to retain ecommerce rights, run the official online England store and power on-site retail during England home games, domestic cup finals and concerts at Wembley Stadium.