Christmas Is it doom or gloom on the high street?
12-12-2008
By Bobbie Simpson
As Christmas is crawling closer, the economy falls deeper into recession after emergency tax cuts earlier this week.
This Christmas could be a gloomy one after the Bank Of England cut base rates to the lowest they have been in 50 years, yet the outlook is said to be far more grim then what it was last month.
With Business’s being bought out, falling into liquidation or biding for someone’s help to keep their head above the water, the High street really is looking doom and gloom this Christmas.
Late last month, Woolworths were almost begging for somebody to buy them for £1, although that person or business would have to take on a £385 million debt to save the high street shop. With red banners planted everywhere with the heading ‘SALE’ within the store, this is perfect proof of the economy plunging into recession in the High street.
Woolworths is one of our oldest shops, being around since 1909 with the name F.W. Woolworth, an offshoot of the American retailer which was founded in 1879. With chart DVD’S and CD’s going for as little as £2, its heaven for the Christmas shopper, yet extremely worrying for Woolworths.
Its not just Woolworths screaming out sales left right and centre, earlier in October Tesco called themselves ‘Britain’s biggest discounter’ and this Christmas are selling everything from trees, tinsel to tea lights for as little as £2. A great price leaves you thinking that you can’t go wrong!
However with the Crunch leaving home owners scared to take the money out of their pocket means that the desperate call for the public to spend money in the High street could be ignored. With websites, TV and books telling you how to have a ‘crafty Christmas’ and save the money, it all feels as if a vicious circle has hit home this Christmas.
Save money, the economy stays as it is, Spend money you don’t necessarily have, the economy will start to get healthier! This leaves a big question lingering in minds… If Christmas is hard now, what will become of the economy next Christmas?
