UK Consumers Are Spending Less Than Ever on the High Street
Last Christmas seems like a lifetime away for most, however UK retailers won’t be able to forget it so quickly after breaking records for being the worst profit over the festive season for high street shops since the 2008 recession. Approximately 100,000 retail jobs were lost over 2018 in the UK, and other retail giants in the UK experienced drops:
- Debenhams, founded in 1788, has seen its share price drop more than 90% throughout 2018.
- HMV went into administration for the second time in a 6-year period and is seeking a new buyer.
- Marks & Spencer is closing 100 high street shops in the next 12 months.
- John Lewis is also forecasting a dive in profits after having to hold continuous sales in order to keep up with online competitors.