WHSmith’s decline: a lesson in why nostalgia isn’t a business model

WHSmith has long been a fixture of the British high street. Generations have relied on it for school supplies, last-minute gifts, and reading material for commutes. But while nostalgia may generate goodwill, it doesn’t guarantee commercial success. WHSmith’s ongoing struggles serve as a case study in what happens when a brand fails to evolve with a clear purpose.

To its credit, WHSmith has weathered significant industry shifts better than many. As physical media sales declined and online shopping soared, it adapted by doubling down on its travel stores, where convenience trumps competition. But on the high street, the brand has lost its reason to exist. Competitors have carved out clearer niches—specialist stationers curate premium ranges, bookshops deliver immersive experiences, and newspapers are available everywhere. WHSmith, meanwhile, risks being a jack-of-all-trades but a master of none.

Recent attempts to modernise have only added to the uncertainty. The ‘WHS’ logo trial, which many consumers ridiculed for resembling the NHS logo, is a prime example. While brand refreshes are necessary, this shift lacked a clear strategic rationale—raising the question of what WHSmith stands for in today’s retail landscape.

This highlights a broader issue: for legacy brands, evolution must be intentional. Change for the sake of change risks alienating loyal customers without attracting new ones. WHSmith’s heritage is an asset, but without a compelling proposition for modern consumers, it is not enough to sustain the business.

Some analysts, including Douglas McCabe, CEO of Enders Analysis, suggest that WHSmith could capitalise on the resurgence of physical media. Print book sales remain strong, and Gen Z’s appetite for analogue experiences—vinyl, magazines, even CDs—has created new opportunities. A reimagined WHSmith could position itself as a curated hub for this growing market.

But so far, the company has not shown a clear strategy to reclaim relevance. While its travel locations serve a captive audience, its high street stores lack differentiation. Without a distinct shopping mission, WHSmith risks becoming a retail relic—another example of a brand that failed to adapt.

The lesson for other businesses is clear: legacy alone doesn’t drive future success. Nostalgia may strengthen emotional connections, but it isn’t a strategy. To remain commercially viable, brands must offer more than familiarity—they must evolve with purpose.