Back in October we had a piece on Woolworths Well they have always been known for their value and now you can get the complete Woolworths box set of 800 stores for just £1! (we guessed Tesco to take them over and split up the company, keeping the distribution chain and warehousing,and the best sites for Tesco Metros. Still the most likely option but they may buy them from administration and not face the debt) We also gave a nod to the problems of DSG, the former Dixons chain, whose share price just can't find the lowest point. Can't see any good news for them in the new year either. BBC radio reporting today that "retail sales didn't fall very far for October,just 0.1%, so spend spend spend." More balanced outlook from their news pages but still the line Many retailers have opted to hold pre-Christmas sales in a bid to boost spending at what should be their busiest time of year, is not quite right. October is one of the slowest months for retailers wh0 await the rush from, well about now, until first week of January. October was pretty good, but November sales so far have been pretty poor. Expect a "retail sales fall" call in the next round of stats.
Used car prices have dropped 30 - 35%, Once I can get an Audi S4 V8 for £8k and $50 a barrel I'm sure the market will pick up.
ReplyDelete30 - 35% since this time last year I meant.
ReplyDeleteGod I wish I'd waited to buy.
Saw a 07 plate A6 8,000 miles on auto trader for 15k.
ReplyDeleteNo trade ins, no finance, cash only sale.
I guess it was stolen or the dealer was about to go bust.
Bill Q,
ReplyDeleteA lot of car dealers are now faced with the choice of 'go bust' or 'clock it' - keeps me in business!
Actually this drags up the whole regulation debate.
ReplyDeleteIt's ironic, when the money taps were on and there was little need for fraud, the government insisted on 'light touch'.
Now, when money is harder and there is more incentive to commit fraud what should the regulators do?
Should we go from on an economy based on excessive consumer debt to one based on fraud?
If so, I know some bloody good frauds!
Anyone who is taken in by this, or still worse thinks more highly of New Labour, should be administered a thorough kicking.
ReplyDeleteA nation doesn't grow rich by idiots selling each other houses & taking money thay haven't got to buy tat for impressing their fellow morons.
A nation grows rich by having a population willing to do a hard day's work & leaders who are intelligent & enterprising.
This country is corrupt, & the more you try to magic it away the worse things will get.
Stop it!
I hate to gloat...but a few months ago when Sugar invested in Woolies I said he was out of his tree and an arrogant twat who had got it wrong, in response to someone saying things must be getting better if he is investing in them, and lo and behold he has had his fingers burnt. Good.
ReplyDeleteWoolies has been hanging on by the skin of their teeth for years, as has the likes of PC World which I have said for a long time is due to go under.
DSG will survive, but with a slimmed portfolio of high street names.
As to cars...maybe depending on where you are as has been my experience the past month while looking for one.
The retail figures are masked by a surge in food spending and a slump in discretionary, although you won't hear that on the BBC reports. People are paring back to the absolute necessities.
ReplyDeleteThe bad figures keep piling up. I wonder if any big chains will go under this side of Xmas.
ReplyDeleteSteven_L said...keeps me in business..
ReplyDeleteyes? Tell us more..
Asquith: It is looking bad at the moment. Sadly it seems that it will get a lot worse in the early part of next year.More bank /share /lending/ Business/car manufacturing/travel/airline housing/employment trouble ahead.
Houdini. Yep. You did. click the link and your comments on the apprentice himself are revealed
BE. Absolutely. The cover of food prices is hiding some really serious sector falls. this will probably do harm to the "weathering the storm" claims when firms like Woolworths who survived the great depression and 2 world wars won't make it. Not that Brown caused Woolworth's problems but gaps in the high street heighten the public's awareness of the real situation.
+ re your blog post.Yesterday finally the commercial business lending rate went down for me. this will save the two part-timers who I had earmarked to lose at the end of this week. interest rate falls are very important but not the cure, just a lessening of the damage.
LFAT. Probably not a retailer this side of Xmas, but Honda shutting down for 2 months..
A few weeks ago the Telegraph suggested buying a 4x4 V8 4 litre jobby, now cheap as chips, and spending a couple of thousand converting it to LPG.
ReplyDeleteI don't know Bill, a few retailers are due to close before Christmas, and some big names have already gone in car retailing. Pentraeth to name one and a couple of others are due.
ReplyDeleteI do see DSG pairing back a few names like PC World, along with maybe JJB, Homebase, Focus at a push, DFS and then we get down to some smaller companies that are more specialised in certain parts of the UK.
I think a lot could do a C&A to save costs if they see the writing on the wall.
Houdini: Agree that the crashing sound of falling business will be loud in our ears in January but only those without cash won't make it to Xmas. Rents are paid, Vat can be waived, suppliers will wait 4 weeks more. Only wages have to be paid immediately.And the bank of course, who will collapse them without a thought.
ReplyDeleteJJB sports/JD more likely to merge than collapse for example.
But there is always a FarePack around. I guess one of the big furniture/kitchen suppliers {MFI is already at fingertips; bloody glad my bed came. I knew they were in trouble but it was ordered in 2007!!} could easily fold up, leaving the media with those stories of Christmas disaster that they love so much.
"Family sit on floor for Christmas after too good too refuse 3pc suite firm falls into administration... kindly neighbour lends patio set.
Its nice but its not the same,says dad.Nan will have to sit on a milk crate"
It's all b******s!
ReplyDeleteI went into my local Woolworths today and offered them a pound for the store (just one branch mind you) and the manager told me to f**k off!
Of course he told you to f**k off! I'd been in an hour earlier and offered him two quid!
ReplyDeleteWhat did you expect when somebody had offered him 100% more?
I’d have accepted both and then gone into administration £3 richer. It’s this lack of entrepreneurial thinking that’s holding chains like Woolworths back.
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