Any brand that wants to copy Nike will regret it, as I believe will they.
A very dangerous move as the theory that the consumer will migrate to the brands store/website by negating other outlets is one of delusion.
The general drop in footfall is due to changing shopping habits as the migration to online increases and will continue to increase, month on month, year on year. As an Independent retail, we are no different.
While confidence and disposable income ebbs and flows, the overall picture of where retail is heading will not change.
To politicise this into the Brexit situation is very poor form in my view as that is a different issue, with various potential outcomes. The BRC should embrace the future and stop making excuses.
The High Street will continue to crumble, whether we are in the EU or not. The industry has been and still is in compete denial regarding the massive change of shopping habits. It wants to be part of the future whilst being largely unable to deal with it's consequences.
Kelvin must be extremely concerned by these figures. He is no longer Chief Executive after being forced out, yet remains the largest shareholder with the wheels falling off.
Are the days of Ted Baker being a profitable entity over?
Part of the brands success has arguably been driven by marketing, keeping things simple and not trying too hard, meaning they were a safe bet to outperform the market and their rivals. This however came with increasing prices points, where there are other brands out there that some would say do it better and cheaper.
The excuses peddled out by his successor fall into the modern line of corporate rhetoric and cliches, whilst blaming nobody at the company for their failings. I find this nauseating and disingenuous. When results are bad for a brand or retailer, there must personal and/or collective responsibility as a matter of course. Whilst economic conditions are a factor, they are one of many.
Whether Kelvin's departure was justified or not, the evidence looks like they are worse without him. It could be time for the brand to totally question its raison d'être as their crystal ball continues to mist.
These figures compound that Miss Selfridge is unlikely to have a viable future, whether part of Arcadia or elsewhere.
You've got to hand it to Wolfson. Week in, week out we hear companies moaning about 'tough trading conditions' with every other excuse under the sun to justify their own failings, yet NEXT just gets on with the job in hand, giving the consumer what it wants, when it wants.
Typical senior management in that they blame anyone but themselves, yet still insist in taking larges salaries that they do not deserve and the business cannot sustain.
Bad management, making bad decisions. We see it all the time in this industry and now the chickens are finally coming home to roost.
Sympathies? Not justified.
John Lewis still hasn't got anyone strong enough at the top to drop the increasingly redundant 'Never Knowingly Undersold' moniker. The only purpose it serves is to lose money, which with today's announcement it is something they now do rather well.
Highly commendable figures in tough trading conditions.
Much of this is indicative of retailers business models being a decade out of date, therefore panicking into discounting because of lack of sales. By doing that, it only makes things worse for the retailers concerned, but they never seem to get it. It is general incompetence.
However, brands themselves are discounting new product too. This certainly gives Indies more food for thought and question which brands really respect themselves in their portfolio, as there is little point in continuing with discounted brands if you pride yourselves on making margin - a word that is in danger of being removed from the Oxford English Dictionary due to its lack of use and purpose.