UK: More Proof Recession Is Here
John Lewis today reported a 9.7% drop in weekly department store sales, with most of its stores suffering double-digit falls.
Despite Christmas on the horizon this is the eighth weekly decline in a row.
Sales were down at all John Lewis department stores across the country with the exception of Cambridge.
Peterborough and Cribbs Causeway near Bristol saw the biggest slump with sales down by over 20% in the week to last Saturday. Even the group's flagship store in Oxford Street reported a 9.1% sales drop.
The worst performance came from the group's home departments which suffered a 14.8% fall in sales. Electricals posted an 8.5% drop and fashion sales were down 6% on a year ago.
Meanwhile, shares in DSG International, owner of PC World and Currys, fell by over 30 percent on Thursday after credit insurer Atradius reduced its cover against the retailer being unable to pay its suppliers.
In other gloomy news Rightmove, the online estate agent has warned that house prices across the UK have fallen further than official data and market indicators suggest. Miles Shipside, the company's commercial director, said that estate agents had revealed that the actual prices being achieved for properties had fallen by around 20 to 25 percent beneath peak asking prices, a disclosure that had not been referred to in national indices. The latest trading statement issued by Rightmove also revealed that the downturn had forced 250 to 300 estate agents to leave the market each month between August and October.
Despite Christmas on the horizon this is the eighth weekly decline in a row.
Sales were down at all John Lewis department stores across the country with the exception of Cambridge.
Peterborough and Cribbs Causeway near Bristol saw the biggest slump with sales down by over 20% in the week to last Saturday. Even the group's flagship store in Oxford Street reported a 9.1% sales drop.
The worst performance came from the group's home departments which suffered a 14.8% fall in sales. Electricals posted an 8.5% drop and fashion sales were down 6% on a year ago.
Meanwhile, shares in DSG International, owner of PC World and Currys, fell by over 30 percent on Thursday after credit insurer Atradius reduced its cover against the retailer being unable to pay its suppliers.
In other gloomy news Rightmove, the online estate agent has warned that house prices across the UK have fallen further than official data and market indicators suggest. Miles Shipside, the company's commercial director, said that estate agents had revealed that the actual prices being achieved for properties had fallen by around 20 to 25 percent beneath peak asking prices, a disclosure that had not been referred to in national indices. The latest trading statement issued by Rightmove also revealed that the downturn had forced 250 to 300 estate agents to leave the market each month between August and October.
