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Gloom On High Street As British Public Will Not Spend

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http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8374932/Gloom-on-high-street-as-British-public-will-not-spend.html

Terry Duddy, chief executive of Argos owner Home Retail Group, said that sales at the chain over the year to February 2012 are likely to be negative and that there are "clear signs" of ongoing pressures on consumer spending.

Mr Duddy said sales since the New Year had been noticeably weaker than anticipated. In a trading update he described as "a bit stark", Home Retail said like-for-like sales at Argos fell by 4.6pc over the eight weeks to February 26.

Meanwhile, Dalton Philips, the chief executive of Wm Morrison, the supermarket chain that is the UK's second largest retailer, said that the consumer economy remains fragile. He said the average household has significantly less disposable income than it had one year ago.

Mr Philips said: "We expect the economic backdrop to remain challenging in 2011, with higher taxes, government spending cuts, inflation and rising unemployment all continuing to weigh on consumer confidence and disposable incomes."

Retailers have had a dire month on the high street. Figures from the British Retail Consortium this week showed that UK-side like-for-like sales in February fell by 4pc.

Home Retail's Mr Duddy said that sales are down due to "all the reasons associated with an austerity budget".

"Disposable income is falling, there is inflation in food and in fuel. They are all big reasons," he said, adding that he does not expect the Budget later this month to give retailers any relief. The best business bosses can expect is that measures announced by the Chancellor do not make the situation worse, he said.

Sounds like high street sales are starting to collapse, unless of course everyone is shopping at cheaper alternatives....

Incomes falling and somehow the govt expects to collect more tax revenue? Still they have the best of the best making the economic plans, it's not like they rely on extrapolation to create projections.

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Oh I'm spending alright... just not buying any tat from Argos and such like....

One of the best investments you can make is a good new well made a fully supportive mattress ....some things you can't economise on. ;)

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http://www.telegraph...-not-spend.html

Sounds like high street sales are starting to collapse, unless of course everyone is shopping at cheaper alternatives....

Incomes falling and somehow the govt expects to collect more tax revenue? Still they have the best of the best making the economic plans, it's not like they rely on extrapolation to create projections.

I for one, will withold my wallet until I am sure my suppliers are ont he Scorecard:

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It is clear, that Diversity is essential for our high streets.

A deficit of £150bn is a price worth paying.

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The remuneration at most firms on the high street has risen so much that their products have had to do the same to pay for them, so the products are now out of the reach of too many people's income. Add in that lots of people have lost the interest income from their savings and mortgage rates aren't as low as they should be given the base rate.

Growing inequality beckons. The only retailers with a future are those that only cater for very rich people.

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said that sales at the chain over the year to February 2012 are likely to be negative

I take it he's talking about sales figures here, not actual sales.

Taken literally it seems that they've sold less than nothing!

It's not will NOT spend its CAN'T spend .

Beat me to it.

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The remuneration at most firms on the high street has risen so much that their products have had to do the same to pay for them, so the products are now out of the reach of too many people's income. Add in that lots of people have lost the interest income from their savings and mortgage rates aren't as low as they should be given the base rate.

Growing inequality beckons. The only retailers with a future are those that only cater for very rich people.

DIversity of wage packets is good for the Company.

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The remuneration at most firms on the high street has risen so much that their products have had to do the same to pay for them, so the products are now out of the reach of too many people's income. Add in that lots of people have lost the interest income from their savings and mortgage rates aren't as low as they should be given the base rate.

Growing inequality beckons. The only retailers with a future are those that only cater for very rich people.

That so....let them buy and sell between themselves......nothing to miss, nothing to gain only lots of money to lose. ;)

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Kunt & Co have utterly misjudged the effect of ignored inflation and global competition on wages, passthough costs of commodities on businesses and personal finance.

To them there is only an inflation problem if poeple want (and get higher) wages.

Just like they ignored housing, debt and the most detructive financial bubble ever to be blown up on the back of idiotc monetary policy.

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I was in manchester city centre this week, needed to buy a new pair of jeans and was also browsing for any shirts in the 'sales' (70% off! the headlines screamed)

... it was like tumbleweed blowing through the shops. Primark was its usual busy self, Next had a few people in it (not many buying), Debenhams was like a graveyard, Slater's menswear was dead, the other fashion shops that I'm too old for now (TopMan, Footlocker etc) had a few people browsing.

The same was in Stockport centre a couple of weeks ago - it was completely dead. I also noted a LOT of empty units. People were walking around, browsing, but not many people had shopping bags.

It was a very, very noticeably different ...

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Product Description

For millions of years, humankind has used a brilliantly successful survival strategy. If we like something, we chase after more of it: more status, more food, more info, more stuff. Then we chase again. Its how we survived famine, disease and disaster to colonise the world.

But now, thanks to technology, weve suddenly got more of everything than we can ever use, enjoy or afford. That doesnt stop us from striving though and its making us sick, tired, overweight, angry and in debt. It burns up our personal ecologies and the planets ecology too...

except for buying books which preach the blinking obvious, they're great

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http://www.telegraph...-not-spend.html

Sounds like high street sales are starting to collapse, unless of course everyone is shopping at cheaper alternatives....

Incomes falling and somehow the govt expects to collect more tax revenue? Still they have the best of the best making the economic plans, it's not like they rely on extrapolation to create projections.

"Disposable income is falling, there is inflation in food and in fuel."

They can blame it on what they like but these are the real reasons

Biggest "reasons" is the Bankers (overinflated mortgage borrowing = cash locked up in bricks/clay) INTEREST & Multiple 'CHAINS' suck all the profits out of local economies

- leading to the end-game with no reinvestment of profits! No one has any spare cash left to spend (unless they are 'lured' into further debt = low interest rates for too long)!

Bleedin' obvious (except to overpaid 'head' office/City apes)

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Corrected for you

Wamkyou for that , also spelt wrong but im sure you can work out the right spelling

Edited by miko

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I

People were walking around, browsing, but not many people had shopping bags.

Yes I was in Bluewater Kent a few weeks back I was meeting someone but had a few hours to kill so sat and watched people go by. The place was busy but I noticed people just walking up down they had very few bags of shopping and the actual shops were very empty.

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Yes I was in Bluewater Kent a few weeks back I was meeting someone but had a few hours to kill so sat and watched people go by. The place was busy but I noticed people just walking up down they had very few bags of shopping and the actual shops were very empty.

No.

You're wrong. Bluewater is different. It's near Maidstone 'innit...

The place is absolutely rammed every day. I see people loaded up with bags, spending like there's no tomorrow because they aren't like you loosers on HPC, in your rented squats with no money, because you haven't got a decent job and can't buy into the housing ladder like me and my mate.

Someone in my dog's cat's Uncle's best friend's office has just been offered a 25 x salary IO mortgage, on a whole block of BTL flats in Rusholme, which he's going to be renting out at 14% yield and then flip them to Stuartz at Arsetz for a £multi-million profit. I know - my only other friend, who happens to be an Estate Agent, told me so I knowz itz true...

You loosers need to understand that you've missed the boat, and people like me are creaming our pants at your los.

So longz.

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No.

You're wrong. Bluewater is different. It's near Maidstone 'innit...

The place is absolutely rammed every day. I see people loaded up with bags, spending like there's no tomorrow because they aren't like you loosers on HPC, in your rented squats with no money, because you haven't got a decent job and can't buy into the housing ladder like me and my mate.

Someone in my dog's cat's Uncle's best friend's office has just been offered a 25 x salary IO mortgage, on a whole block of BTL flats in Rusholme, which he's going to be renting out at 14% yield and then flip them to Stuartz at Arsetz for a £multi-million profit. I know - my only other friend, who happens to be an Estate Agent, told me so I knowz itz true...

You loosers need to understand that you've missed the boat, and people like me are creaming our pants at your los.

So longz.

:lol:

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It said that the poor Argos sales were "surprising" given the weak comparative sales one year ago.

"The decline in like-for-like sales is surprising given the weak comparative but also given that this performance covers the new catalogue launch," the bank said.

This is probably the least surprising news I've heard this year.

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Yes I was in Bluewater Kent a few weeks back I was meeting someone but had a few hours to kill so sat and watched people go by. The place was busy but I noticed people just walking up down they had very few bags of shopping and the actual shops were very empty.

Sort of like Pavlov's dogs salivating at the sound of a bell.

They have always gone to Bluewater to spend. Now they don't have any money, they still go there and walk around. Even if most of the units close, they will still go there.

They've been trained you see.

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Sort of like Pavlov's dogs salivating at the sound of a bell.

They have always gone to Bluewater to spend. Now they don't have any money, they still go there and walk around. Even if most of the units close, they will still go there.

They've been trained you see.

Dawn of the Dead :lol:

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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