Independent department store retailer Trago Mills has initiated a “thorough review” on the future of one of its stores after a challenging period.

It is understood that the business, which trades across four stores in Falmouth, Liskeard, Newton Abbot and Merthyr Tydfil, has experienced rising costs and declining sales at its Falmouth location, situated on Arwenack Street.

The group has yet to file its most recent set of accounts following an extension to its year end from 31 December 2024 to 28 February 2025.

Detailed in its latest available accounts for the period ended 31 December 2023 for the Falmouth store, the group posted sales of £7.7m, with pre-tax losses amounting to £463,000 – widening from a loss of £122,000 the prior year.

Trago Mills chairman Bruce Robertson said a consultation period has commenced with staff at its Falmouth store – with the company operating at the site for more than 50 years.

“Sadly, the passage of time has left the retail landscape virtually unrecognisable and whilst the store has survived far longer than many, its options are limited,” he said, adding: “Heart may have ruled head on occasion, we have continued beyond where others have chucked in the towel, but now we must address the present.”

As for the wider group, company accounts have also seen an extension to its year end from 31 December 2024 to 28 February 2025.

According to its latest available accounts for the period ended 31 December 2023, the group posted sales of £88.6m, with pre-tax losses amounting to £2.8m – widening from a loss of £1.5m the prior year.