New look to shed 1000 jobs and close 60 stores

[rudds1]

Retailer new look are to close 60 stores and shed 1000 jobs ,is the high street on its way out ?

[pattricia]

Retailer new look are to close 60 stores and shed 1000 jobs ,is the high street on its way out ?

 

Looks like it. With ToysRUs, Mothercare, Debenhams and House of Fraser all in trouble looks like shopping on foot has lost its way to online shopping

[melthebell]

Yup theres also been tesco shedding a few, the banks are closing branches due to online banking.

[geared]

Discretionary spending in general has been very low since the Brexit vote, people are putting off many purchases due to uncertainty over the future.

 

Economy will begin the inevitable slide into a bad recession soon enough.

[melthebell]

I read an article last week (mightve been about toys r us) where shops have just grown too big, during the good times before the recession, the only way these shops could grow was to open new branches, sometimes 60 - 100 shops.

Theres only so much money to go round, at some point these extra shops become unviable? I dont think you can keep the same massive amount of spending that must go into these places going on forever and nor can they expand as they have hit the ceiling.

As for toys r us, they stopped becoming a magical place for kids (like our own redgates and hamleys did) and just became a massive warehouse for toys with boxes on shelves

Edited March 7, 2018 by melthebell

[truman]

Discretionary spending in general has been very low since the Brexit vote, people are putting off many purchases due to uncertainty over the future.

 

Economy will begin the inevitable slide into a bad recession soon enough.

 

I suppose it's more expensive to import as well since the fall in the pound after the referendum..

[geared]

I suppose it's more expensive to import as well since the fall in the pound after the referendum..

 

True, but GBP/USD rate is back to within a few cents of where it was just before the vote.

[neeeeeeeeeek]

The 'reform' of business rates has not helped, shops are being forced out of business by extortionate rates and rents.

[truman]

True, but GBP/USD rate is back to within a few cents of where it was just before the vote.

 

It's down about 6% at the moment to it's pre referendum rate.

[Calahonda]

Perhaps the supporters of the now defunct Sevenstone proposal will now realise how misplaced their optimism was.