THE HUB RETAIL RECRUITMENT’S WEEKLY NEWS SNIPPETS
- Date: 23 November 2016
- Posted By: admin
A big day today – the first Autumn Statement under Theresa May’s government, with Philip Hammond in control of the purse strings as Chancellor. Apparently, it was a difficult task for the Office for Budget Responsibility to prepare any ‘accounts’ – having asked Downing Street for some critical data such as what’s going to happen to migration post-Brexit, and getting no response! So it’s had to make forecasts that may or may not transpire, such as what’s going to happen to growth and borrowing, and how much we’ll save when we’re not paying into the EU pot. Here’s an article that sets out the main points, which include a little relief for the JAMs (people who are Just About Managing):
http://www.bbc.co.uk/news/uk-politics-38068358
Our pick of the other news this week is: Austin Reed Resurrected; Back to Black; On-line buying could get tricky; and We’re feeling secure.
Austin Reed Resurrected: Yes, we’ll be seeing Austin Reed back on the High Street before the end of the year. Philip Day, owner of The Edinburgh Woollen Mill Group, bought Austin Reed and it’s labels, and will be starting to put them back on the shelves in the coming weeks – and there’s plans to open 50 stores in 2017. You’ll remember we reported back in the summer that BHS has re-launched as an on-line retailer. So both of these heritage brands, which we all thought were no more, are living to fight another day. We wish Mr Day every success in re-launching AR – and hope that this time round it can stand tall against its competitors such as Ted Baker and Reiss.
https://www.theguardian.com/business/2016/nov/23/retail-chain-austin-reed-return-high-street-after-collapse
Back to Black: Yes Black Friday is this week – you didn’t need us to tell you that did you? Especially as the retailers have been gearing up all week anyway, with offers galore. However, you might not get the best deals this week, or on Friday, as some commentators are raising a cautionary note. And of course, there’s Cyber Monday – so we have a solid 4 days of manic spending. Here’s a couple of articles that explain what it’s all about, and some of the best deals on offer:
http://www.moneysavingexpert.com/deals/black-friday-and-cyber-monday-alert-service
http://www.telegraph.co.uk/black-friday/0/when-is-black-friday-2016-and-what-are-the-best-deals/
On-line buying could get tricky: Apparently, the European Banking Authority is proposing to introduce extra security checks when we’re buying on-line. A perfectly sensible proposition given all the fraud and hacking that’s going on these days? However. banks, retailers, and card companies such as Visa don’t agree – and say the effect could be ‘catastrophic’, especially during really busy times such as Black Friday, and as for one-click shopping and automatic app payments, forget it as they’d be blocked because the threshold when the extra security would kick is will be only €10! Have a read and see what you think:
http://www.bbc.co.uk/news/technology-38065768
We’re feeling more secure: According to research by Lloyds bank, we’re feeling more secure in our jobs than we ever have before. This differs from the first surveys post-Brexit, when people were really very unsure. However, as this article explains, we are worried about rising inflation affecting our income – by eroding it so that any pay increases really don’t add up to anything. Interestingly, the former head of Sainsbury’s, Justin King, was on Newsnight last night, saying he thought inflation would rise to 5% over the next six months – because we import up to half of what we need, and the weaker pound makes all of that much more expensive to buy. Perhaps we should think about ‘growing our own’ more?
http://www.bbc.co.uk/news/business-38074616
That’s it for another Weekly Snippets. Next week, as the last Wednesday of the month, we’ll be doing our Monthly Newsround. So make sure you come back again on 30 November. Yes, just a day off opening the first of your advent chocs!