January 29, 2009
IMF says economic growth is the worst for sixty years.
The BBC reports:
World economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, warns the International Monetary Fund (IMF).
Though the UK is in recession, and the rate of growth is falling, it must be remembered that the world economy is still increasing, only by 0.5%, but still increasing.
January 23, 2009
BBC reports that the country is in recession:
The UK is now in recession for the first time since 1991, official government figures have confirmed.
Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter.
That means that the widely accepted definition of a recession – two consecutive quarters of falling economic growth – has been met.
January 20, 2009
It’s at this time of year that you see a lot of adverts for Christmas savings clubs.
Despite the Farepak collapse there are still other businesses out there willing to take your money.
One company was advertising recently on the television and you could save towards High Street vouchers.
Looking at the advert, I am not so sure this is such a good idea…
Don’t think vouchers for Woolworths are worth much these days!
Seriously though these saving schemes are very popular, there are often better ways to save money for Christmas.
January 13, 2009
BBC reports on the economy downturn.
Business leaders have painted a bleak picture of the UK economy, with a survey suggesting the end of 2008 saw a “frightening deterioration”.
January 7, 2009
The womenswear company Viyella, which was founded in 1784, has become the latest long-established British company to call in the administrators.
The company has annual sales of about £30m and operates 40 stores, 64 concessions and four clearance outlets.
Of course like other retailers mentioned in this blog, only Woolworths has actually closed, the others are “only” in administration, but more often then not this can lead to at a minimum closure of lots of stores.
Even retailers not in administration are feeling the pinch and closing stores. BBC also reports on Marks and Spencers who are closing stores and cutting jobs.
Marks and Spencer plans to close 25 of its small Simply Food stores and another two of its regular stores.
The closures will mean the loss of 780 jobs. The retailer is also planning to cut 450 head office jobs.
The retail sector which weathered the last few recessions has been hit very hard by this one. The difference this time, is that margins are tight so it doesn’t take a large drop in sales for it to have a major impact on the profitability of the retailers.
January 2, 2009
Guardian has a nice Flash based interactive high street so you can see which retailers are winning and which are facing possible closure and administration.
See it in action.
Going onto my local high street today and seeing Woolworths all dark and shut up, Adams having a 70% off sale and various other places looking like they were having desperate last minute sales, it does make you wonder what the high street will look like in twelve months time!