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.
Comment on: Revenues double again at JD Sports
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Much of this is indicative of retailers business models being a decade out of date, therefore panicking into discounting because of lack of sales.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.
Comment on: Footfall suffers summer slump
"We must remember that declining footfall is a long-term trend with annual increases being the exception rather than the rule. Indeed, footfall has declined in every year since Springboard started publishing"
This is a very important quote. Maybe it can be shown to those who still thinks physical retail can be turned around?