Dec 27 2008
Woolworths And The Last Hurrah For The High Street!
Today was the last hurrah for the high street before the credit crunch really kicks in. So far, some commentators have been naive enough to suggest that there is no credit crunch on Britain’s high streets and retail parks. Well, considering they made their claims in the weeks before Christmas there wasn’t likely to be much of a dip in spending. However, now the festive season is passing, the cold hard credit crunch will undoubtedly rear its ugly head. The first victim to fall was the former stalwart of the high street - Woolworths.
Over 200 branches of Woolworths closed ther doors for the very last time today, with the remainder to follow by the end of next week. Woolworths has been around for decades and was easily one of the most famous and trusted stores around. Now its legacy takes the form of empty stores up and down the country. It may be one of the first, with the exception of MFI, but it will definitely not be the last.
As the New Year approaches and more people start to reign in their spending, more high street stores will go under and the credit crunch will begin to hit hard. More people will find themselves out of work as a result and the country as a whole will struggle. As a result, it is necessary to prepare for the worst. Save every penny you can and batton down the hatches because one thing is for sure - things will get a lot worse before they even begin to get better!
