FASHION retailer Mango in Queen Street is to be closed down within the next few weeks.

The shop, a franchise of the CI Traders group, has produced a ‘disappointing’ first full year of trading, with turnover of only £0.

million and a cash operating loss of up to £0.

million.

CI Traders chief executive Martin Bralsford said: ‘We’ve given it our best shot and if we saw that other Mango stores were doing really well we would look at it again, but the evidence suggests that it is not doing particularly well in any other location, so rather than waste time we are letting it go.

However, Spanish-based Mango – which aims at the ‘young urban woman’ – claims it continues to expand, with a presence in 76 countries and the aim of opening up to 100 new stores this year.

Last year it achieved a turnover of £76 million and growth of 5.

%.

A deciding factor in Jersey may have been the cost of renting a prime Queen Street location.

Mr Bralsford said: ‘It is very expensive.

People say that it isn’t in comparison to Oxford Street, but there are fewer people here and the rents in relation to the footfall are very high.

‘Eventually business will pay what the market determines but ultimately the upwards-only rent moves will give the landlord a bigger problem, if the business goes broke.