British retailer Smith It hopes to sell its historic high street business in its latest bid to break into the UK retail industry to focus on travel stores.

The 232-year-old retailer said on Monday it was exploring the sale of more than 520 high street stores, which sell newspapers, books and stationery, and over the weekend confirmed reports that talks were underway.

“WHSMITH confirms it is exploring potential strategic options for this profitable and cash-generating part of the group, including a possible sale,” the company said in a statement on the London Stock Exchange website.

It added: “There is no certainty that any agreement will be reached and a further update will be provided in due course.”

WH Smith (part of the FTSE 250) has been doubling down on its UK travel division in recent years, with more than 580 travel shops in airports, hospitals, train stations and motorway service areas. Its wider global travel business totals 1,200 stores in 32 countries, which the company now says now account for three-quarters of its group revenue and 85% of its trading profits.

Investec’s Kate Calvert said in a note on Monday that the plan was “not surprising” given the group’s investment exist Its travel operation. In emailed comments to CNBC, Calvert added that WH Smith investors should be encouraged by the move.

“You have WH Smith’s travel business. Travel is an attractive long-term structural growth market. If you dispose of the high street, you should get a higher valuation rating over time,” Investec Retail and Consumer Research Chief Calvert told CNBC via email.

Shares of WH Smith climbed about 5.5% after Monday’s announcement and are down nearly 11% in 2024. Their trading volume is 2.9% higher.

Pressure increases on UK high street retail as e-commerce continues to grow.

Domestic policy changes have increased UK business costsOctober and Govt. Announce increase to the UK’s minimum hourly wage and national insurance (NI) Payroll taxes paid by employers.

High street supermarket chain sainsbury’s It plans to cut 3,000 jobs in the UK, according to an announcement, following warnings from major retailers earlier this month opinion poll By the British Retail Consortium.

“The retail industry has seen unprecedented levels of OPEX (operating expense) inflation in recent years, as the national minimum wage and interest rates have increased,” Calvert said.

She added: “The government’s increases in NMW&NI (National Minimum Wage and National Insurance) are huge headwinds and very unhelpful. Retailers will need to close unprofitable stores.”