Nicholas Found, of the Retail Economics research consultancy, said the modern high street was a “challenging climate” in which to operate.

Revenue from WH Smith’s high street stores dropped by £17m in 2024 compared with the year before, but profits stayed the same after the business closed 14 of its stores last year.

Its high street stores have also been viewed unfavourably by consumers.

In 2019, a Which? survey found WH Smith ranked the lowest among high street retailers – the ninth year in a row it appeared in the bottom two spots – with shoppers describing the stationery specialist as “cramped and messy”.

Mr Found said potential buyers may see opportunities to “restructure and reimagine WH Smith’s high street presence”.

Speaking after WH Smith’s most recent financial results, group chief executive Carl Cowling said: “Our UK high street business continued to deliver its strategy of managing space to maximise returns and maintaining a flexible cost structure.

“As part of this space management, we opened 30 Toys R Us shop-in-shops in the second half of the financial year, and have agreed a further 37 to open ahead of Christmas 2024.”

Toys R Us went bust in 2018 and a deal was struck with WH Smith to host concessions.

Mr Cowling told the BBC in 2023 that the retailer would not be opening any more UK high street stores. Instead, it would focus on UK airports and train stations, as well as opening shops in the US and Europe.

Mr Found said it was clear that WH Smith had “strategically pivoted” towards the “fast-growing travel retail business”. Dropping its high street business, he added, would allow it to focus entirely on its new direction.