«Jamie Oliver, the celebrity chef whose restaurant chain, Jamie’s Italian, filed for a CVA last year at the time described a “perfect storm” of “rents, rates, the high street declining, food costs, Brexit [and an] increase in the minimum wage”».
Having lived in London for almost 6 years, what strikes me is not the number of retail groups that are going under.
What strikes me is the lengh time it took them to go under.
Retail shoping in London is outrageously expensive and probably the worst price vs quality relation in the World.
Retail shops pay extremely high rents, are overstaffed, and usualy sell, or try to sell,some of the more uninteresting goods in the World.
Years ago in a New Bond Street shop, of an Italian shoe maker, i asked why the exact same shoes (that were perfect for me) that i had bought one week earlier in Paris, costed 3 times more.
And the answer was:
” Here in London we dont mark items according to what they costed us.
We mark them according to the price we think we can sell for”
This really explains it all…
Francisco (Abouaf) de Curiel Marques Pereira
(FT) UK store closures set to top 1,000 as use of CVAs mounts
Debenhams, Paperchase and Monsoon pursue insolvency