Beginning this month I quoted David Ogivly (Sustainable Tactics) and called his advice a timeless truth.
MFI is in tetters
JJB in turmoil
Rosebys on the brink of collapse
Top Tiles and Kingfisher (B&Q) cut dividend and according to Citigroup this will happen too at companies where sales are down (only) 10% or less: Debenhams, Sport Direct International, Mothercare, WH Smith and others.
This morning I read a (timeless) truth again in the Saturday Times and I'll quote the conclusion of the writer:
"The boom times have left the retail sector with a vast array of competing stores and brands.
However, with so much new space coming to the market and the rapid growth of the Internet, something had to give at some point.
The credit crunch has exposed those retailers with poor offers and inefficient cost bases. As the tree shakes in the economic storm, the rotten apples are falling to the floor"
Steve Hawkes - Shakeout on the High Street