Sports Direct, a major player on the UK high street, is set to close its store on Newmarket Road in Cambridge today, marking another setback for the retail sector. The store has been running a closing down sale, with one customer sharing on Facebook: "Sports Direct on Newmarket Rd is closing down, 18/04. Lots of bargains in store."

This prompted responses such as "Another nail in the coffin for concrete Cambridge," and "Losing all our stores."

This closure is not an isolated incident, as Sports Direct has been gradually disappearing from the high street. Earlier this month, the retailer shut its Silverburn branch in Glasgow, while its Central Six Retail Park outlet in Coventry closed its doors in January 2024.

The sports and fitness retailer, which is part of the Frasers Group, also closed its Stroud store in Gloucestershire and its Octagon Parade site in High Wycombe in March 2024. Founded by Mike Ashley in 1982 as a single store in Maidenhead, Sports Direct now boasts over 500 stores across the UK, reports the Mirror.

Ashley, a billionaire entrepreneur, stepped down from the board of Frasers Group in 2022, passing the baton to his son-in-law, Michael Murray, earlier that year.

Sports Direct is set to make its debut down under, with plans to launch 100 stores in Australia and New Zealand following a new 25-year partnership between Frasers Group and wholesaler Accent Group. In a stock market update on Tuesday, Michael Murray, the chief executive of Frasers Group, expressed his enthusiasm: "Since acquiring a strategic shareholding in Accent, we have developed a robust partnership between Frasers and Accent. Accent has an impressive, well-established platform with various sneaker concepts and a strong distribution of brands."

Murray further outlined the company's international ambitions: "We're looking forward to expanding our partnership to launch Sports Direct in Australia and New Zealand, working towards our bold plan of opening 100 stores. This reaffirms our commitment to drive growth of the Sports Direct brand internationally and marks a significant step forward in our ambition to becoming the leading global sporting goods retailer."

Accent Group's CEO, Daniel Agostinelli, also commented on the collaboration: "After extensive discussions, we are very pleased to announce a long-term strategic relationship with Frasers to open Sports Direct in Australia and New Zealand."

Agostinelli highlighted the potential of the venture: "Sports Direct is one of the leading sporting goods retailing businesses globally. Frasers and Accent see a significant opportunity to bring a new and exciting global sports business to the Australian and New Zealand markets."

The expansion doesn't stop there, as Frasers Group has revealed intentions to establish a presence across Asia, targeting 350 new stores in India, the Philippines, Thailand, Vietnam, and Cambodia.

Frasers Group CEO Michael Murray expressed enthusiasm about the company's growth, saying: "We're excited to announce further expansion of our successful partnership with MAP Active to five dynamic new markets where we see potential for long-term growth. Building on Sports Direct's proven sports retail proposition and MAP Active's market expertise, we look forward to growing our footprint and offering best-in-class brands to consumers in the region."