The high street: Half price or half empty?
Jan 11th, 2009 by Jamie Bradley
During a week where one of the most prestigious high street outlets shut its doors to shoppers for good, we are not long after greeted with the news that Marks & Spencers have announced to close twenty seven of its nationwide stores.
The demise of Woolworths has already ensured that 27,000 workers will be without jobs for the foreseeable future and this latest devastation to the economy only increases that figure by a further 780 redundancies.
With Christmas now nothing more than a distant memory and the festive cheer now engulfed by a sea of debt, for most of us tis’ the season to be saving until our next pay packet arrives to help refill that huge financial gap left in our bank accounts.
However, for those of us without jobs, we are suddenly propelled into a scenario where we are unable to fulfil that self promise, which can ultimately lead to unnecessary loans and bank charges in a time where borrowing is a very expensive chore.
And yet as we venture back unto the high street to stock up on much needed food supplies, our will not to update our wardrobes with the latest winter fashion is tested by retailers, flaunting huge discounts in their shop windows, which, I myself, feel compelled to surrender my savings to in the knowledge that I am picking up a bargain.
Of course it’s always a great feeling when you pick something up for next to nothing, especially when the shop right across the street is selling it for three times the price. But recently, rather than embracing these colossus sale signs with an open wallet and an excitable rush of blood, I can only stand in horror as one of my most frequently visited retailers is offloading stock at a fraction of the price.
Why? Because I know it is only a matter of time before the sale is over, the doors are slammed shut and the shop is no more. After witnessing such a massive industry, in the form of Woolworths, finally go under this week, the cliché that once was a harmless ‘closing down sale’ seems to be a thing of the past.
The reduction in M&S stores and the demise of Woolworths follows a chain of companies who have also recently ceased trading, which include; MFI and The Officers Club, with Zavvi and Viyella also announcing administration.
So, as I glance from left to right on my weekly walk past the shops, I begin to wonder just who will be next to follow suit. Half price reductions, 70% off, closing down sale: all enough to send shivers running down my spine as I speculate whether there will even be a high street in years to come.
By Jamie Bradley
