Tuesday, Apr 29, 2008
CBI - "There is no doubt that consumers are tightening their belts as the mood about the economy and outlook worsens,"
BBC: Housing decline hits High Street
Poor weather, an early Easter and the slowing economy led to the worst month for retailers since November 2005, business group the CBI has said. In an April survey of shops, it found sales of items linked to the housing market, such as electrical and DIY items, were all down from a year ago. The CBI expects sales to fall again in May, but at a slower rate than in April, due to "challenging conditions".
Posted by jack c @ 06:09 PM (579 views) Add Comment
10 Comments
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1. bystander said...
Read yesterday that Marks and Spencers are now, at last, going to lok at internet shopping for their food halls etc. Jeez the amount of money that Rose chap gets you'd have thought he would have caught on sooner, but no, its much easier to blame poor business models and inactive, useless management on the credit crunch and bleat for more rate cuts, but the truth is the more the BoE cuts rates, the less likely the lenders are to drop borrowing costs and the higher inflation will go up and the consumer will have even less money to spend in the shops, but the rat run the retailers are in is doomed due to the above and their profit predictions based on ten years of boom, which have now gone BOOOOOOOOOOOM!!!!!!.
2. whiteknight said...
when they say sales were higher - do they mean by volume or by the top line? and are these figures adjusted for inflation.
3. greytornado said...
I wonder how long it will be before some serious social unrest starts in the streets?
4. renting2 said...
Unrest? This is Britain, we've got a lot of queueing to do before we get to the unrest stage.
5. hpwatcher said...
Sound fundamentals?
Up yer bum GB!
6. plato said...
The habit of *buying is a hard one to break. The habit of *buying on credit is is even harder to break.
* = buying needlessly
The credit stops but the habit remains leading to a breakdown in social behaviour and criminal means to satisfy this habit.
Fed by a lack of repect and responsibility cultivated by our venerable leaders, regression will be far more to the fore than recession.
Or I could look at a worse scenario.............
7. enuii said...
Interesting to note that a big proportion of this will be low quality consumer tat made in China.
8. bystander said...
"Interesting to note that a big proportion of this will be low quality consumer tat made in China."@enuii
...even more interesting when you consider the Chinese government's decision to allow their currency to appreciate to fight their own inflation which will directly feed ours, but I bet GB, pulling the BoE strings, will ensure more cuts and more cuts. He knows the lenders won't cut, but he also has a bank full of euros waiting for the right appreciation.
9. An Bearin Bui said...
Seems to me that whether it's December, April, August or June there's always the same 'bad weather' excuse for low levels of High Street - funny because it's not like Britin used to have a Mediterranean climate and just recently started to suffer from unreliable, rainy weather!
10. Fed Up said...
I think that the BBC is using the so-called 'housing decline' to describe the effects of highly-indebted fools finally paying off their credit cards.