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The Next store in Coventry city centre is set to close permanently, it has been confirmed.

A Next store in Coventry will close in the coming months. The Lower Precinct shop will close in November, dealing a major blow to the high street. According to an insider, the closure had been rumored internally for about a year but had not been confirmed until earlier this month. It is believed that the closure was prompted by a’much higher cost’ lease renewal than in previous years. The unnamed insider told CoventryLive: “It has been rumoured internally for almost a year now, but was not confirmed to store management until this month, and subsequently staff members this week.” : A new used car dealership will open in Coventry, creating 25 new jobs. “From what I understand, the lease on the property has expired.” Next was unwilling to renew the lease due to the significantly higher cost,” they added. On Tuesday, employees were reportedly informed that the shop would be permanently closed (August 16). According to management, all employees will ‘hopefully’ be relocated to other branches throughout the city. The nearest Next store is about ten minutes away at Central Six Retail Park. Other city shopping malls include Arena Shopping Park and Warwickshire Shopping Park. Next, a fixture in the city center for decades, will join dozens of other vacant retailers. Lower Precinct was once one of the city’s busiest shopping districts, but foot traffic has decreased as stores such as TJ Hughes have closed in recent years. According to a Next spokesman, “Next in Coventry City Centre will close in late November.” It is hoped that staff will be relocated to one of Coventry’s four other Next stores.” Both the Lower Precinct and the Coventry BID declined to comment. READ NEXT: Coventry has the best city centre in the Midlands, and it’s only getting better. In Coventry, Greggs and Primark launch a second limited edition clothing line. The Assembly Festival Garden in Coventry will close. A flower thief armed with a garbage bag strikes twice in a city center cafe. Tasered suspect after allegedly ‘attacking police’ and stealing scratch cards from a Coventry shop