Bad News For Retailers – The Recession is Worse than First Thought
| November 27, 2009 | Posted by Shop Assistant under Retail News |
It seems only a few weeks ago that the government announced that the UK was on the way out of recession. However, today Chancellor Alistair Darling announced that the UK had actually performed worse in 2009 than predicted.
This is not good news in the run up to Christmas. The retail industry makes most of its profit during the pre-Christmas shopping period. Today is known in many markets as “Black Friday”, which although sounds like a bad day, it represents the day of the year that a majority of retailers pay off their debts for the year and finally start making a profit.
“New data has shown that most economies, ours included, suffered a severe shock in the first quarter of this year.” Alistair Darling
Bad news on Black Friday could lead to more people tightening their belts and opting for fewer, cheaper Christmas presents.
Retail sales are certainly on the increase again now, with a 4% rise being seen from September to October, but this is currently not enough to save many businesses.
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