One of the saddest days in the History of British Retailing has seen Famous Household Names and Brands announce they are in big trouble;
Carpetright stores may have to close with thousands of jobs at risk.
B&Q reveal a massive drop in sales.
And Claire’s Accessories files for bankruptcy.
Mothercare is set for cash crisis talks.
Fashion chain New Look posted a pre-tax loss of £123.5million in the three quarters to December.
And Toys R Us said that it was going to close all 100 of its UK stores after administrators failed to find a buyer, resulting in the loss of 3,000 jobs.
Meanwhile, a profit warning emerged from Moss Bros that sent its shares crashing on the open of stock market trading.
The question is when will it all stop?
And who or what is to blame?
There is little point in blaming the rise in online retailers.
Come on, let’s all be honest here with this old excuse.
The internet has been running for 20 years plus, and online selling did not acquire all its power overnight
These disasters in the High Street have been coming for a long time.
And online retailers are not immune from closures simply because they have a website and operate from a low cost operating base.
Bricks and Mortar Businesses have been struggling for a long while.
Astronomical Rates, Rents and the never-ending bureaucracy from one new Town Hall directive to another.
Staff Pensions, HR Rulings, Compliance, and the upsurge in non-productive staff all contribute to costs that have the habit of running away with the solvency of a Company.
Consumers of a certain age.
Consumers of a certain age have grown up with the likes of Mothercare and B &Q.
They are embedded in our DNA, and life in the High Street will never be the same.
The Household Brands are the tip of the slippery iceberg.
Below are thousands of small and medium-sized businesses fighting for survival.
Exorbitant rent and rates.
Every day they are fighting to pay exorbitant rent and rates and fighting to comply with the latest Government Initiative, which invariably is not worth the paper it is written on.
Where do all the small business owners go after they are forced to close?
Who knows, but they are being squeezed from our Society.