Cuts, cuts and bust. This seems to be the route that the majority of the once renowned high-street brands, are concurrently taking. Throughout the duration of the current year alone, it is estimated that around 14 companies, most of which, were once leaders of their respective markets, have been forced to shut their doors. This is ultimately due to a multitude of factors, the most prominent being the arduous economic downturn, which debilitated a cluster of retail stores, which in turn, caused their profits to plummet, leading them to sky-rocket into bankruptcy.
For example, several of the most recent high-street casualties range from the acclaimed music and technology firm, HMV, which was at the forefront of the electronics market since its birth in 1921, to the national video-renting franchise, Blockbuster, whom as a result of indigent strategic planning, meagre management and fierce competition from alternate video rental companies, such as Netflix, have initiated the falling of Blockbuster’s revenue, which eventually, caused its downfall.
Thus, due to this, the unemployment figures have subsequently soared as the collapse of these stores have resulted in a multitude of people, losing their jobs and falling into redundancy. It is stated that in 2013 alone, because of the erroneous consequences of the economic recession, around 1400 stores have shut their doors, which resulted in 15,000 people being without a suitable source of income. Therefore, to combat this, it is commonly inferred that the remainder of the successful firms or other companies should broaden their horizons and essentially make more jobs so that the majority of the inhabitants of Britain, will be eligible to feed each and every member of their respective families so that the nation as a whole will be better off and the world that we live in, will be a greater and more desirable and worthier place for all.
