Wednesday, 8 June 2016
CHAIN STORES AND SUPERMARKETS IN TROUBLE Update 11 Aug., 2017
Update 11 August, 2017 -
Wilkinson announced to have big redundancies. It is not a surprise, since the further £12bn cuts starts to bite.
Update 20 April, 2017 -
Debenhams and Marks & Spencer are planning to close stores. Another jobs loss and most probably in deprived areas.
Philip Hammond the new Chancellor but so far there seems no improvement for the general public.
The Tory Government will not accept that their austerity and cut-backs result into less buying power, reducing manufacturing ending into low economy. At the same time the fat cats getting bigger but their do not spent their money in the UK but in tax haven.
UK has the highest number of fat cats and the biggest gap between rich and poor.
Fashion chain store NEXT announced a disappointing Christmas sale and their shares dropped by 14 per cent. It bound to have a scaling down effect on staff and stores.
Update 9 Jan., 2017 -- Tesco announced it will axe over 1,000 sradd this week.
HSBC bank plans to axe 6,000 staff
UPDATE: 5 Nov., 2016 -- Marks & Spencer plan to close a number of their shops as well as reducing oversees. It means another thousands of staff loosing their jobs.
UPDATE: 5 July, 2016 -
Chain grocery stores NETTO, a branch of Sainsbury, is closing down with a loss of 400 jobs.
Chancellor George Osborne's austerity is having a devastating effect even so he does not admit it.
Tory Government constantly claiming bringing down unemployment. They can kid themselves but will not blindfold the public.
Now on top of it the £12billion Welfare cut plus £16billion council cuts. What does he think people live on? He and David Cameron keep trumpeting about the "hard working people" yet they don't have any calm to cut them down to nothing.
Already one chain store British Home Store (BHS) collapsed because consumer just have not got any spare money to buy goods. It will costs 11,000 jobs and the Government, like with Steel, does not lift a finger. There too the pension pot went missing worth £530million. There is no excuse of pensions going missing so why does the Government let it happened?
The chain stores Next is also showing slowdowns in clothing. Management fear sales could fall by as much as 3.5 per cent this year for 540-strong chain store. The management is now hoping for sales to improve in May but experts already have their doubts.
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Sainsbury beginning to feel the pressure. It had its second consecutive decline in annual profits. Although the sales showing show higher figures due to reduced prices but it is not enough to offset falling prices. Share showing a reduction of 5 per cent.
Sainsbury trying to cure the problem with buying Argos. Will the management pull it off remains to be seen? To judge by the numbers of customer coming out of the stores experts having their doubts. Already everything is heavily discounted.
Tesco is bulldozing across the consumer market with high pricing power and efficiencies it is able to floor its rivals.
Many or most of the small shops have long gone and are boarded up. The high street is littered with it just like at Thatcher's time. Why do Tories, when in power, always have an devastating effect on economy and people?
Altogether it seems to come to the point which was predicted at the beginning of Chancellor George Osborne's austerity. It is a simple arithmetic; austerity and Welfare cuts withdrew money from the pocket of the public. If people have no money they stop buying. Chancellor George Osborne was warned more than once but he would not have it. Where is the sense is behind is anyone guess? The fact remains that he had two consecutive recessions and nearly avoided the third.
The Pound was downgraded from sixth to sevenths in the Credit Rating. Plus another £115billion were added in 2014/15 to the National debts. Cameron was blaming and pinting the finger at Labour and promise to improve the economy, lower debt and deficit. The Debts are now £516billion more and deficit highest for 67 years since 2010.
All this malfactunal achievements were done since 2010 when the Tories came into power and they have now the audacity to paint the future black if the people would vote for Brexit.
Looking back at the unemployment, starvation, welfare cuts and 2,300 known people who committed suicide because of the disability beneifit cuts it leaves the question can it get any worse?