Many British shoppers still perceive WHSmith as a tired high street brand, a relic of the bricks-and-mortar era where schoolchildren and commuters buy magazines, stationery and snacks.
But over the past two decades the chain’s fortunes have been quietly transformed as it built up a small empire of stores in airport terminals across the world, whose best-selling products now include Bose headphones — and Viagra.
The FTSE 250 group’s shift into opening outlets in airport terminals, as well as railway stations and hospitals, has been transformative. Earnings from its travel division have exceeded those of its 537 high street stores every year since 2010.
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