Christmas is coming and the high street’s going flat
Wednesday 5th November 2008, 2:29PM GMT.
THE credit crunch has started to bite on Guernsey’s high street, according to Tony Creasey.
Mr Creasey (pictured) was speaking after Marks & Spencer announced half-year profits had fallen by 34%, with sales of food and clothing down more than 5%.
He is the local M&S franchise holder but said the Guernsey situation was different to that which the UK company faced.
‘Obviously trade is difficult at the moment. Not horrendously – it could be a lot worse. Things are not bad given the situation, but they certainly have been a little more difficult than we would have liked,’ said Mr Creasey.
He added that the market and environment M&S faced in the UK was so different to Guernsey it made comparing figures difficult.
He pointed to aspects such as very strong trade in the summer locally and the lack of competition from the likes of Aldi in the food sector
‘We don’t report our figure because we’re a private company but we’re not unhappy with where we are given it is a difficult year and becoming more difficult,’ said Mr Creasey.
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Mr Creasey
How about competing with web traders then. Maybe, at this time it won’t sit too well well with the M&S shareholders but the bigger picture is well worth a look in the long term?
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I’m not surprised M&S food profits have gone down given the credit crunch. M&S food is at the premium end of the market so cash conscious shoppers who are looking to cut their food bills will leave M&S in favour of cheaper groceries at outlets like the Co-Op and Alliance.
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