Brexit isn’t a Woolworths moment for commercial property in the City September 28, 2016 In the days following the EU referendum, I found myself looking back to one of the seminal moments of 2008: images showing hundreds of Woolworths shops closing their doors for the final time. At that point, no other event seemed to better illustrate the effects of the global financial crisis on the UK high street. With hindsight, [...]
Second chance for BHS? An open letter to David Anderson, managing director of the newly online-only retailer September 27, 2016 Dear David Anderson, Whether it’s BHS or Woolworths, we all love a good phoenix from the ashes story, especially when it involves a great British brand. News that BHS is to be reincarnated online has been met with a cautious welcome. Cautious because the challenges ahead are considerable: in addition to the reputational damage the [...]
Could a focus on customer experience have saved BHS? June 3, 2016 Retailers have learnt harsh lessons about failing to stay relevant; the collapse of BHS is just the latest casualty. Like Woolworths and GAME before it, when BHS went into administration, the most common reaction was shock. However, the downfall of BHS cannot be considered a surprise. The company failed to keep up with the internet revolution and being outmanoeuvred [...]
Rivals set to win customers on back of BHS’ demise April 27, 2016 BHS has entered administration, confirming what I have previously written about in this column; its loyal customers have deserted it in recent years. Although BHS will continue to trade while a buyer is sought, the retailer has been in trouble for some time as it failed to modernise its offering. It has been losing market [...]
BHS administration “more significant than Woolworth’s” as cost to taxpayer stacks up April 26, 2016 The collapse of BHS could be "more significant than Woolworths" – and the business is unlikely to survive in any meaningful form, experts have told City A.M. Parent company Retail Acquisitions called in administrators Duff & Phelps yesterday afternoon, a year after buying the debt-laden business from Sir Philip Green for £1. Managing directors Phil [...]
Pressure mounts on BHS top dogs as MPs call for Sir Philip Green to be held accountable over department store’s collapse April 25, 2016 Pressure was mounting on Sir Philip Green last night after MPs called for the former BHS owner to be held to account over yesterday’s collapse of the 88-year-old high street chain, which he sold for just £1 last year after 15 years’ ownership. BHS’ failure, which puts 10,000 jobs at risk, is also being investigated by [...]
BHS administration: Who has blood on their hands as yet another retailer falls into administration? April 25, 2016 The loss of a UK retailing stalwart from our high streets is always a sad affair. There is, of course, a sense of nostalgia as old photos of where we once shopped appear. And the human tragedy of those losing their livelihoods – in the case of BHS that’s 10,000 current employees, and thousands more [...]
BHS is in administration: Here’s what analysts say was to blame (and what the future holds) April 25, 2016 BHS is in administration having notched up £1.3bn in debt, it has been confirmed this afternoon. Duff & Phelps has been appointed to handle the iconic retailer's administration, with managing directors Phil Duffy and Benjamin Wiles sounding confident about finding a new buyer. City A.M. understands more than 30 enquiries have already been made, and now [...]
BHS appoints Duff & Phelps administrators, putting 10,000 jobs at risk – but more than 30 bid enquiries have already been made April 25, 2016 More than 30 enquiries to buy BHS out of administration have been made since reports first surfaced that the business was teetering on the brink, City A.M. understands. Managing directors Philip Duffy and Benjamin Wiles were appointed joint administrators of BHS this morning, putting around 10,000 jobs at risk. In a statement Duff & Phelps [...]
What next for high street giant BHS as administration speculation mounts? April 24, 2016 The future of retailer BHS hangs in the balance today as speculation mounts that it is facing the prospect of full administration or a pre-pack deal. A stalwart of the British high street for decades, BHS was owned by Sir Philip Green for 15 years before he sold it to Retail Acquisitions last year for [...]