Tuesday, 18 December 2018

Changing High Street

High Street shops rely on the Christmas to pick up any slack they may have suffered during the year so when the tills are not ringing as they need at Christmas, oh dear.
Online fashion retailers ASOS, Zaslanda and Boohoo have all issued profit warnings highlighting a major downturn in trading sending their shares plummeting but the shops in the High Street have also taken a battering with Marks & Spencer, Next, Debenhams, Sports Direct, Bon Marche, Superdry and Primark all suffering lower than expected sales receipts.
There has been a string of stores go out of business or announce shop closures this year and the shopping centres could be about to  see another massive wave of empty shops.
ASOS Chief put the poor performance down to a mix of Brexit and a weakening in consumer confidence (whatever that means) and payments company Visa said consumer spending fell by the most since July last month, while another survey said British households finances are hit after a decade of austerity and stagnant wages.
My thoughts are with the employees of the stores in financial trouble because they will be the ones who suffer the most if the problems continue, further victims of a decade old financial crash which still hasn't been dealt with.

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