The clothing store, Monsoon, is set to close this Saturday March 7.
The store posted a note to customers on its shop window, which read: "Thanks for having us! This store is closing on the 7th March.
"But it's not goodbye, there are other stores in your area. Visit your nearest store in Leamington Spa. Shop online at monsoon.co.uk."
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Beaverbrooks The Jewellers is also set to close its Castle Quay location this month.
The store manager, Lizy, posted the following message to customers on the store's website: "We’ve loved helping you find the perfect jewellery and watches over the years.
"We’re very sorry to say we’re closing our doors on Sunday 15th March.
"Make sure you pop in before we close, as there’s 40 per cent off all diamonds, watches and jewellery in our closing down sale. We look forward to seeing you in store soon."
A spokesperson for Beaverbrooks added: “At Beaverbrooks we are dedicated to providing an exceptional service for our customers through our store network and website. As part of this we continually review our stores’ local positioning and performance.
"Due to a number of factors the store in Banbury has been less profitable than others in the portfolio, and we have therefore had to make the difficult decision to close it. The store will cease trading on Sunday 15 March, but will be operating business as usual until this time and following the closure, customers will be able to visit our stores in Oxford and Milton Keynes.”
A spokesperson for Monsoon said: "We regularly review our store portfolio to assess how best to serve our customers in certain areas. As part of this ongoing review, we have taken the difficult decision to close our Monsoon store in Banbury. Customers are still able to shop online."
Oliver Wren, centre director at Castle Quay Shopping Centre, said: “We can confirm that Monsoon and Beaverbrooks are set to leave Castle Quay this month at the expiry of current agreements and as part of changes to their respective UK store portfolios.
"At the same time, we’re excited about the vision for Castle Quay and the arrival of Lock29 and Castle Quay Waterfront, which will be a game-changer for the town, securing Banbury as a leading regional retail and leisure destination.
“Castle Quay shopping centre continues to attract interest from great brands and retailers, and we have a number of existing retailers currently renewing leases and committing their future to the centre.”
Monsoon and Beaverbrooks jewellers are not the only stores set to close at the shopping centre.
The Banbury Guardian already published a story in which Castle Quay mainstay Marks and Spencer food and clothing store will close on Saturday, April 18.
The reaction to the shops closure has been one of universal shock and despair with one Banbury resident setting up a change.org petition to persuade M&S to keep it open. The petition has gathered nearly 2,400 people signatures to date.
Councillor Barry Wood, Leader of Cherwell District Council, said: “We can confirm Marks & Spencer has advised us they will be closing their store at the Castle Quay shopping centre in April.
"Whilst we are sorry that Marks & Spencer will be leaving, the closure of the store presents an opportunity to re-purpose the space with new brands and offers that will benefit the community and visitors to Banbury. We are also pleased Marks & Spencer will be remaining in the area with their store at Banbury Gateway.
“The Castle Quay shopping centre continues to attract prominent and high quality brands, as demonstrated by JD Sports increasing the size of their store and a number of other tenants renewing their leases recently. We are also investing in the centre with the new leisure extension and new initiatives such as Lock29 (due to open in the spring).
“As part of this continued investment, we have already started to consider future options for the store and look forward to making further announcements in due course, once proposals are more developed.”