Listen Now: British Retailers
The future is grim for U.S. retailers, and things aren’t looking so bright across the pond either.
After a slow December, economists and retailers were hoping sales numbers in Britain would bounce back but that does not appear to be the case. Right now in Britain shoppers are dealing with personal hardships including salary cuts and higher borrowing costs. And while that is causing them to steer clear of extra spending, experts say the real problem is how people are shopping.
Instead of going to clothing boutiques or big box stores, people are spending money on travel, eating out and delivery services. Technology is getting the bigger percentage of their paychecks and now stores unable to bear the cost are closing their doors and retail spaces are sitting vacant.
And things over here aren’t much better with Toys ‘R’ Us filing for bankruptcy and major department stores such as JC Penney and Sears planning on closing dozens of locations. Now, as they are here, British Retailers are looking for ways to adapt and keep customers coming in the door or at the very least clicking on their website.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.