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Politics2 mins ago
Recession - stores closing
Did we have as many stores close during the last recession? I can't actually recall any making big news like the current ones or have I just forgotten.
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During the recession of the early 90s stores did close. Timothy Whites for example, a large high street chain disappeared then. But yes, less stores closed because when a firm did get into difficulties is was usually saved by being sold or by management buyouts.
Rymans the Stationers for example went into receivership in the early nineties but was snapped up cheap by Dragons Den's Theo Paphitis who turned it around and made it profitable again.
The difference now, is that the banks will not lend money so there are no Theo Paphitis' around to save these stores.
Rymans the Stationers for example went into receivership in the early nineties but was snapped up cheap by Dragons Den's Theo Paphitis who turned it around and made it profitable again.
The difference now, is that the banks will not lend money so there are no Theo Paphitis' around to save these stores.
It must be said that numerous stores have suffered in the last ten or so years because of competition from online shopping. Woolworths for example has been on a downer for ages. I feel that the recession will tip a large number of already struggling retailers over the edge more so than last time because of this.
>numerous stores have suffered in the last ten or so
>years because of competition from online shopping.
I think the competition from the huge supermarkets is probably more to blame (along with internet shopping).
I live in Solihull and from my house within 4 miles I can get to TWO large Sainsburys, ONE large and ONE medium Tescos, ONE large and ONE medium Morrissons, an Aldis, a Marks & spencer simply food, and within about 6 miles I can get to an Asda.
The large Tescos near me recently added a second floor in the store and now sells Clothes, TVs and other electrical equipment, books, DVDs, household goods, things for the car, and so on.
Many of the things that I may have got from Woolworth in the past (or indeed Adams) I can now get in Tescos.
The Asda near me is also HUGE and I could probably get EVERYTHING I need in there without ever having to shop elesewhere.
>years because of competition from online shopping.
I think the competition from the huge supermarkets is probably more to blame (along with internet shopping).
I live in Solihull and from my house within 4 miles I can get to TWO large Sainsburys, ONE large and ONE medium Tescos, ONE large and ONE medium Morrissons, an Aldis, a Marks & spencer simply food, and within about 6 miles I can get to an Asda.
The large Tescos near me recently added a second floor in the store and now sells Clothes, TVs and other electrical equipment, books, DVDs, household goods, things for the car, and so on.
Many of the things that I may have got from Woolworth in the past (or indeed Adams) I can now get in Tescos.
The Asda near me is also HUGE and I could probably get EVERYTHING I need in there without ever having to shop elesewhere.
Woolworths are probably are the first of many about to close their doors. Why is this happening? Is it because centre of town stores have to pay exhorbitant rent whereas out of town stores have easier access and less rent to pay. Marks & Spencer another high street chain is going to the wall probably for the same reasons.
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