Obiturtary of the high street and other companies - UPDATED
Please follow the link to see updated list of high street and companies that have gone in administration since January 2008
Obituary of the high street and other companies
What has happened around the world since the beginning of the 21st century
July 2, 2009
LONDON: The recession is now on a par with the very worst year of the Great Depression.
Revised figures on Tuesday uncovered the full extent of Britain's economic contraction.
The economy shrank by 4.9 per cent in the year to the first quarter of 2009, the Office for National Statistics said.
The fall in gross domestic product was far greater than previously calculated, as the government statistician realised the full scale of the fall in company activity.
"Clearly this is now the worst peacetime recession since the 1930s," said economist Michael Saunders of Citigroup.
The worst contraction then was a year of about -5 per cent and "this year will not be hugely different".
The contraction in GDP during the first quarter alone was 2.4 per cent - the previous estimate was 1.9 per cent.
This was the biggest one-quarter fall in 35 years.
read full article at The Sydney morning herald
Please follow the link to see updated list of high street and companies that have gone in administration since January 2008
Obituary of the high street and other companies
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Hi all, I have been developing a new blog please come and visit it
End of an era: Woolworths stores across the country had closing down sales in January
[polldaddy poll="1314875"] US fast-food chain McDonald's says it plans to open 1,000 new restaurants this year. The world's largest hamburger chain also said fourth-quarter net income fell 23% to $985.3m (£710m), from $1.27bn a year before. Revenue fell to $5.57bn from $5.75bn, even though global same-store sales rose 7.2%, as the firm was hit by the strong dollar. In the US, the firm raised the price of its Double Cheeseburger in November. Announcing the results, chief executive Jim Skinner said: "For 2009 we plan to invest $2.1bn in capital to open about 1,000 new restaurants and reinvest in our existing locations." Despite beef, cheese, and other ingredients rising in price, the company reported an 8% fall in total operating costs and expenses. McDonald's has seen sales rise in the economic downturn, helped by its low prices and ubiquity of its outlets. In the quarter, its same-store sales in the US rose 5% on the year before. International same-store sales were also ahead, rising 7.6% in Europe and 10% in the Asia-Pacific, Middle East and Africa division. sourced from The BBC NEW YORK (Reuters) -- McDonald's Corp. reported a better-than-expected quarterly profit on Monday though revenue fell short of Wall Street expectations due to a stronger U.S. dollar, and its shares fell more than 2%. The world's largest hamburger chain also said it would open 1,000 restaurants this year. Fourth-quarter net income fell about 23% to $985.3 million, or 87 cents per share, from $1.27 billion, or $1.06 per share, a year earlier, when results included a large tax-related benefit. Analysts on average were expecting earnings of 83 cents per share, according to Reuters Estimates. sourced from CCN Money read full articleMcDonald's to open 1,000 stores
McDonald's to open 1,000 new stores
Despite falling short of Wall Street expectations, the burger chain experiences better-than-expected profit and will open 1,000 new restaurants.
As the Supermarkets go from strength to strength will this have an effect on the downturn. The supermarket go on a big employment drive will this take the sting out of the recession.
But this growth in the supermarkets will have a down side, if the supermarkets continue to open new stores (small and large) then the smaller local produce shops will disappear even more than ever.
New jobs created
[caption id="" align="alignleft" width="142" caption="Iceland created 2,500 Jobs"][/caption]
[caption id="" align="alignleft" width="142" caption="Waitrose create 4,000 new jobs"][/caption]
[caption id="" align="alignleft" width="142" caption="Sainsbury's create 5,000 new jobs"][/caption]
[caption id="" align="alignleft" width="142" caption="Tesco create up to 10,000 new jobs"][/caption]
I work for a food manufacture. I think we should start buying seasonal produce, this will halp local producers and local growers. local produce. Why should we be able to buy strawberry's in December, we buy so much food from around the world, do we care about who and how our food is manufactured.
[polldaddy poll="1283004"]
Morrisons to create 5,000 new jobs
A Morrisons customer in Tynemouth. The company wants to add 90,000 sq metres of store space in coming years Photograph: Owen Humphreys/PA
Morrisons has pledged to create 5,000 jobs this year, bucking the rise in unemployment as it looks to grow despite the economic downturn.
Britain's fourth-largest supermarket group said this morning that it would create new positions across its chain of stores. The new roles will include working on Morrisons' butchery, fish and bakery counters, said the personnel director, Norman Pickavance, although full details were not available.
"Even in these challenging economic conditions, Morrisons is committed to hiring and training new people to keep retail as the engine room of the economy and support our continuing growth," Pickavance said.
sourced from The Guardian read full article
As the recession takes hold, we can expect crime especially theft to increase. Mostly this theft will be shop lifting. As supermarkets are seeing significant increases in shop lifting, this will only increase as we get further and further into the recession. But if someone is stealing to feed their family, should we be more lenient on them.
But will the supermarkets cover this loss or will it be passed onto the consumer.
The recession puts police on the back foot as official figures show offences in 31 police forces are on the rise.
The economic downturn has seen high profile failures such as Woolworths, and High Streets across the country are worried about falling sales.
Founder on Lush talks about the downturn from the BBC
Founder of Lush Cosmetics Mark Constantine explains why British retail has taken a turn for the worse.
One of the largest supermarket changes in Britain "Tesco" has suffered over the Christmas period. It was the worse performing on the top four supermarkets. This article is in direct contrast to Sainsbury's bumper Christmas sales.
The Article
Tesco will this week report the weakest Christmas trading of the big four supermarkets as doubts set in over its ambition to become "Britain's biggest discounter".
Analysts expect Tesco to post a 2.5% increase in like-for-like sales, lagging behind a field led by Morrisons, with an estimated 9%, nearly 7% at Asda and 4.5% at Sainsbury's.
Last year Tesco introduced a range of discount brands such as "Country Barn" cornflakes and "Daisy" washing up liquid to compete with Aldi and Asda. Analysts fear that the cheaper brands cannibalise sales: because these brands cost less, Tesco must sell more to stand still.
"This is the first big mistake Tesco has made in a decade," said Planet Retail analyst Bryan Roberts.
The supermarkets fared better than non-food specialists during a tough holiday season for the retail sector with results from specialists such as Currys and Argos, also due on Thursday, expected to make grim reading as consumers deferred spending on non-essential items. Tesco chief executive Sir Terry Leahy will say that consumers let go of the purse strings to buy "special" Christmas treats for their families.
read full article sourced from The Observer
Primark sales sour over the Christmas period. As the rest of the high street suffer Primark sales increase.
When I read this article, it really does real like the downturn is having a major effect. You would expect a lot of small retail shops to close and the odd big one like Woolworth, but here we are facing the end of Argos, Currys and PC world - so all those out of town retail parks will soon be very empty.
The article
Sales at several of Britain's top retail chains have fallen markedly as a result of the economic slowdown.
[youtube=http://uk.youtube.com/watch?v=AimzRDZvvgA]
Woolworths branch Woolworths went into administration last month Woolworths is to hold a store closure sale in all its 815 outlets from Thursday amid growing concern that a buyer will not be found for the firm.
Retail sales fell in December by 2.7 percent, a worse-than-expected number that shows how rising unemployment, stagnant wages and an ongoing housing crisis have undermined one of the basic props of the U.S. economy.
Consumer spending accounts for about two-thirds of U.S. economic activity but has headed down every month since June -- the longest period of decline since the current method of reporting the statistic was adopted in the early 1990s.
U.S. stock indexes dropped on the news, with the Dow Jones industrial average and other major exchanges losing about 1.5 percent in the opening minutes of trading. Losses had reached roughly 3 percent before noon.
read full article sourced from The Washington Post
Entertainment retailer HMV has said it is to buy 14 stores from troubled chain Zavvi, funded by selling new shares. Proceeds will also be used to fund a move into the live music market, taking a joint stake in a firm running 11 venues such as Hammersmith Apollo. It will also get naming rights to some of the venues. HMV also said that sales in the five weeks to 3 January - which includes the Christmas period - were up by 2.9%, or by 0.5% not including new stores. Rebranding The Zavvi stores it is buying are all profitable, HMV said, primarily in locations where it does not currently have a store. It expects the cost of the purchase to be about £2m - including fitting out and rebranding the stores. Nine of them are in the UK and five in the Irish Republic. read full article at The BBC
It has been a tough December for retailers, and grocers have not been spared in the downturn.
But it is not just that overall sales are falling.
Canny consumers have been trying to make their money go further and that has meant changing the way they shop.
I have created this page as a kind of joke, but I will update this as other high street shops fall into administration.
Let me know if you know of any other shops no longer operating - regardless of how big or small.
Obituary of the high street list
LONDON -- Sofa retailer Land of Leather filed for bankruptcy protection on Monday, becoming the latest British retailer to succumb to a downturn in consumer spending amid the global economic slowdown.
The dreaded R-word - recession - is in the air as every day seems to bring more gloomy economic news.
Many commentators are now openly talking about the current slowdown turning into a recession.
But how do economists define a recession and when will we know if the UK is going through one?
What is the definition of a recession?
This is a thorny question on which experts still disagree.
However, technically speaking, the UK economy would slide into recession when it experiences two successive quarters of what is known as "negative growth".
For this to happen, the total amount of goods and services produced by the UK - known as gross domestic product (GDP) - would have to contract on a quarter by quarter basis for a total period of six months.
read full article at The BBC
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Read more...As recession is looming nearer. Sainsbury's has had a good Christmas and is creating 5,000 near jobs this year.
Sainsbury's served a recorded 22.5 million customers
Supermarket to employ 5,000 extra staff
A record-breaking Christmas is helping Sainsbury's to create 5,000 jobs this year.
The supermarket - which already employs 150,000 - had its best ever festive season with sales for the last three months of the year up 4.5 per cent on the same period in 2007.
The group hired 20,000 temps to help cope with the surge in trade - 8,000 more than originally planned. read more
As seven major supermarkets agree to reduce the number of carrier bags used by spring 2009, this should see a reduction of an estimated 5 million fewer bags, but we as consumers must also start acting responsible.
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