High Street Oddbins ‘off licence chain’ enters administration
Some may blame Brexit, some may blame the decline of the high street and popularity of online purchases whilst others may say they hadn’t kept up with advancements surrounding their industry. Big names going in to administration is nothing new, we have all seen many of our lovable brands drop from the highs streets / retail parks to include Woolworths, BlockBusters, ToysRUs, BHS and many, many more.
Is this going to be the trend for the next few years in that more and more commercial property and especially those located in prime town / city centre locations will start to struggle to find tenants to trade? Will more become available for residential conversion due to the housing crisis hitting many parts of the UK?
Oddbins entering administration (for a second time in eight years) sees 500 jobs at risk and 101 0ff-licence premises in a possible soon to be closed status.
Joint administrator Phil Duffy is quoted as saying: “The continued decline in consumer spending, pointing to a squeeze on household finances, combined with rising living and national wages have put increased pressure on retailers’ bottom lines.
As wages struggle to keep up with the pace of inflation, and continued, deepening unease and uncertainty over Brexit, means consumers are cutting back on spending.”
Full story can be read on the iNews website.