Only a couple of weeks ago, I spoke of the doom and gloom surrounding our high street and retail industry - but the news just seems to be getting worse.

Last week alone, five high street retailers announced plummeting profits, loss of sales, and even store closures.

With the announcements all coming from well-known, large national companies, it serves to once again highlight the notion that no company is safe.

Carpetright, Moss Bros, B&Q and Mothercare were amongst the names of the struggling companies.

Carpetright, valued at £28m, announced that stores across the nation are very likely to close, and those that remain open will need rent reductions to survive. It’s said that a quarter of its 409 UK stores will be axed, but we don’t yet know how many stores across Scotland will be affected.

It’s all too soon after the Toys R Us administration and store closures announcement, with the number of Scots now out of retail jobs set to rise further due to the challenging climate.

Carpertright’s statement comes after months of profit warnings, but we could be waiting weeks until we find out the worst of the bad news and how it will affect Scotland.

Publicly disclosing its own woes, Next admitted last week that it had experienced its toughest trading period for a quarter of a century after profits dropped for the third year in a row.

Another household name, New Look is just the latest fashion retailer to take a big hit, and after a creditors meeting on Wednesday, it’s expected that a total of 60 stores across the UK will close, leaving up to 1,000 people out of work.

For us here in Scotland, it means eight stores will close including Ocean Terminal, Cameron Toll and New Look Men on Glasgow’s Buchanan Street.

Of course, it’s been no secret that the high street has been suffering with the weak pound and difficult trading environment causing devastation for many local and national businesses, but such developments deal a devastating blow nonetheless.

Right now, our high streets are not looking healthy - they are full of empty units, for sale signs, and very little trading is actually taking place.

Compounding the problems is the news that average weekly earnings are down, meaning that employees have experienced another year-on-year fall in regular pay.

The decrease in wages has resulted from a Brexit-related surge in inflation and has hit Scottish households hard.

The knock-on effect of that is clear. With earnings not increasing, the pressure on retailers continues to mount as households simply do not have disposable income to spend on the high street.

If there is a silver lining, it’s that online shopping remains more resilient. With consumers seeking greater value and reining in their spending habits, we’re also seeing the continued rise of Primark on the discount side, while the likes of Asos and Zara are benefitting from a savvy Instagram-based demographic seeking out the latest styles by way of social media influencers.

In comparison, the likes of Next have arguably stood still, hoping that their more traditional model will eventually bear fruit again as trading conditions pick up.   

The business pages will continue to depress us, but the successes of a few indicates that retailers must be increasingly bold in their strategies and unafraid to try new approaches amidst a trading environment where all bets are off.

After all, it remains a truism that the dwindling fortunes of one retailer will always represent a significant opportunity for another.

 

SIDE

Sponsorship of Scottish sportsmen and women remains a vital cornerstone of success – after all, without investment at grassroots level, many will struggle to make it to the top.

Raw talent is just the beginning, and certainly not a prerequisite for sustained achievement. Ability must be nurtured.

When an athlete hits the heights and the flashbulbs pop, we’re only seeing the culmination of a long process. The financial costs associated with getting there – of having the right kit, of constantly travelling to training venues, and booking flights to international camps and tournaments – can be astronomical.

That’s why I was delighted to see Boxing Scotland unveiling its new kit deal with Unique Physique Clothing just prior to the Gold Coast Commonwealth Games.

It’s the kind of boost that will really help to really underline the boxers’ medal ambitions, aiding preparations, putting them in the right frame of mind for success, and lending them a strong team ethic.

Having the right kit in place is not to be underestimated – not only can it enhance performance, but it also promotes collective pride as each member of the squad hits the ring in the same colours.

At grassroots level, young athletes need to hone a winning mind set from day one, and effective kit can undoubtedly help them achieve that, further encouraging them to follow their dreams and switch off the PlayStation.

Let’s hope that the Boxing Scotland investment will reap rewards for their brilliant boxers both at the Games and long into the future, while helping to bring through the next generation of talent.

 

LAUGH

I admit I had a giggle to myself when I saw a witness at the Edinburgh tram enquiry claiming that he “could not recall” more than 120 times.

Bob Dawson, who was procurement manager for council tram firm TIE, suffered the epic bout of amnesia during both his oral evidence last week and written answers ahead of the public hearing.

With that kind of memory, I’m surprised he managed to remember his own name.

Now, no one’s expecting Bob to outline in detail everything from his time working on the project between 2006 and 2008, but I would suggest that his shocking recall abilities may be the result of an underlying medical condition.

How else to explain it? I think Bob should get checked out by a doctor immediately. I’m worried for him.

 

WEEP

I was appalled to see that a premises in Clydebank was searched by the Information Commissioner’s Office (ICO) after being suspected of making a staggering 200 million nuisance calls.

Reports say that the business was employing recorded messages to promote boiler and window replacement schemes.

And it’s been claimed that some of the calls may have even put lives at risk as they were made to Network Rail’s control centre near Fort William.

Head of the ICO, Ken Macdonald said it was one of the highest volumes of calls that they had ever encountered – and warned others that it wouldn’t hesitate to clamp down on such activity.

Sadly, nuisance calls are a daily reality for everyone, but complaining to bodies like the ICO may have more impact than you realise.