THE HUB RETAIL RECRUITMENT’S WEEKLY NEWS SNIPPETS

So as today dawns, we will have a new Prime Minister by the end of the day. And here at The Hub Retail Recruitment we wish Theresa May well. It would be great if she could bring calm and common sense to the new world we’re stepping through. It does feel as if the tide is turning, and indeed the markets are responding well to a TM for PM ticket. Re-establishing some national pride is paramount at the moment – and certainly helped last weekend when Andy Murray gave a near flawless performance at Wimbledon to gain his second title. It was good to have something to smile about.

This week, our stories are: ASOS does well out of Brexit; Consumer confidence holds firm; and The commercial property market slides.

ASOS does well out of Brexit: Every cloud…With a lower exchange rate, ASOS’s US and European customers are reaping the benefits of a weaker pound and getting more for their bucks. Of course no-one’s betting on this being a longer term situation, but there’s certainly some winners – as well as losers – with the £ at a 30 year low. This article explains it all very nicely:

https://www.theguardian.com/business/2016/jul/12/asos-sales-brexit-benefits-pound-eu-referendum

Consumer confidence holds firm: We’re picking up mixed reports on the latest sales figures. This articles says that consumer spending went up slightly despite the Referendum debacle, and all the reports of weak consumer confidence seeming to have come to nothing. There are other reports that say sales were down or have stalled. Maybe it’s just too early to tell. But as we’ve reported for some time now, the High Street is difficult because consumer spending habits are changing, regardless of Brexit. And then of course there’s the weather! With such a poor summer, no wonder we’ve spent less on our wardrobes.

http://www.telegraph.co.uk/business/2016/07/12/business-as-usual-for-post-brexit-shoppers/

The commercial property market slides: As a consequence of Brexit, millions of £s have been wiped off this sector. But interestingly, those in the know say that it was over-inflated in the first place, and needed correcting. And further, the banks must be confident in the industry’s long term future as they’re carrying on lending. A very interesting piece on this volatile market, which includes some of the big projects that have been, or might be, dumped.

http://news.sky.com/story/millions-wiped-off-commercial-property-market-10499768

Our next issue is out next Wednesday, 20th July. Will there be a new Labour leader by then? Will Theresa May have made an early mark with the positive reactions this week continuing? Watch this page and we’ll find out together. Have a good next 7 days and we’ll see you back at The Hub Retail Recruitment next week.