Tesco next down the pan?

I'm quite surprised that shopping centres (or even ordinary High Street retail) has managed to last as long as it has. Perhaps some people (women?) actually enjoy the process of traipsing about from shop to shop. I think that it is an entirely soul-destroying, hit and miss affair, especially if you have something specific in mind.
 
I do my very best not to go to any of them - I always encouraged* moderatoress to go with daughter(s) / best doris mate etc as I would only spoil the day out with my disinterest and long face - but the amount of jobs involved across the entire estate (tenants and Intu staff) must be enormous.

They may an abject blot on the landscape but a functioning blot on the landscape is probably a better blot than these places left to the vagaries of vandalism, disrepair and dereliction.

*before lock down of course. Normal encouragement to leave me at home will be resumed when appropriate.
Over recent decades I've watched as the shift to retail activities in shopping centres has often been the ultimate cause of said dereliction and disrepair in high streets.
 
but the government are sticking to their guns so far.
It seems the Government have won the day...
Local authorities are to be banned by the Treasury from investing in commercial property such as offices and shopping centres.
 
It seems the Government have won the day...
Local authorities are to be banned by the Treasury from investing in commercial property such as offices and shopping centres.
I can remember at the start of the 90s, a number of local authorities lost their shirts having invested heavily in a crooked Pakistani bank (BCCI) that went down the Swannee taking all their investments with it.
 
I can remember at the start of the 90s, a number of local authorities lost their shirts having invested heavily in a crooked Pakistani bank (BCCI) that went down the Swannee taking all their investments with it.
“Their shirts,” should surely be “their electorate’s” shirts.
 
“Their shirts,” should surely be “their electorate’s” shirts.
Yes. And they weren't the kind of local authorities you'd expect, with a goodly proportion of Pakistani councillors and residents. One of the biggest losers was the Western Isles Council. They went down for £23m.
 

Grownup_Rafbrat

LE
Book Reviewer
“Their shirts,” should surely be “their electorate’s” shirts.
Bank of Credit and Commerce International?
 
I can remember at the start of the 90s, a number of local authorities lost their shirts having invested heavily in a crooked Pakistani bank (BCCI) that went down the Swannee taking all their investments with it.
I understand the same occurred more recently, with Icelandic banks.
 

Grownup_Rafbrat

LE
Book Reviewer
Over recent decades I've watched as the shift to retail activities in shopping centres has often been the ultimate cause of said dereliction and disrepair in high streets.
Yep. The same number of retail jobs, just moved elsewhere, de-skilled and downpaid.
 
I understand the same occurred more recently, with Icelandic banks.
The circumstances were a little different. They weren't so much bent as incompetent. They had over-extended themselves offering interest rates substantially above the norm in a national economic environment that was not big enough to support them if things went wrong. Confidence in the banks collapsed and so did the banks as a result.

I had a deposit account with one of the banks, but as a private depositor got all my money back through the financial protection scheme. There was then a rather lengthy legal fight between the Icelandic government and the Dutch and UK governments about who was expected to pick up the tab for the recompensed depositors.
 
The circumstances were a little different. They weren't so much bent as incompetent. They had over-extended themselves offering interest rates substantially above the norm in a national economic environment that was not big enough to support them if things went wrong. Confidence in the banks collapsed and so did the banks as a result.

I had a deposit account with one of the banks, but as a private depositor got all my money back through the financial protection scheme. There was then a rather lengthy legal fight between the Icelandic government and the Dutch and UK governments about who was expected to pick up the tab for the recompensed depositors.
I posted it in response to your mention of local authorities losing investments.
 
I can remember at the start of the 90s, a number of local authorities lost their shirts having invested heavily in a crooked Pakistani bank (BCCI) that went down the Swannee taking all their investments with it.
I had to look that up... early nineties seem far too long ago but you are right.

1991... and the fallout didn’t finally settle until 2012.

It took 21 years and $656m (£415m) of fees paid to two firms of lawyers and accountants but on Thursday the files were finally closed on the banking scandal that was the Bank of Credit and Commerce International. It ranged from arms trafficking to prostitution and ended with a $20bn collapse.​
Guardian, 17th May 2012

and from the BBC, same date...
BBC NEWS | Business | Britain's biggest banking scandal

MoneyWeek in 2020
Great frauds in history
 
Go Outdoors (wholly owned by JD Sports) calls in the administrators

and then... JD Sports immediately buys Go Outdoors (for £56.5m) from the adminstrators. All Go Outdoors staff will transfer to Go Outdoors on the same T&Cs.

Go Outdoors calls in administrators


Meanwhile, from a week ago... Poundstretcher has discovered that pounds do not stretch and has launched a company voluntary arrangement for the main company and plans to call in the administrator for a 23 store owning subsidary.

Poundstretcher could close half its UK shops
 
It seems the Government have won the day...
Local authorities are to be banned by the Treasury from investing in commercial property such as offices and shopping centres.
Seems like it’s a good job they have

Shopping centre giant Intu enters administration Shopping centre giant Intu enters administration
 
All the shite out of town shopping centres that ruined town centres, and now due to their greed in ripping off the stores in outrageous rates and rents, are going belly up too....... no sympathy, except for the poor people who've lost their jobs
Hilarious that one of the main movers for people to move to shopping in big out of town shopping complexes was that you could park there for free, shop, cinema, eat. At the same time, the councils were buying up the car parks and hiking the charges of parking in the town centres where everything you could get in a shopping centre, you could get in town. Short term council greed has screwed up the town centre with daft parking and availability and outrageous business rates. Chuck in competition from the internet and towns are goosed.
I don't actually go there any more, they have nothing I want or need. When I do, I always come away ranting about small parking spaces and spending 30 minutes looking for a space.
 
All the shite out of town shopping centres that ruined town centres
A number of Intu centres are in town/city centres. If they close what is left apart from empty shop fronts, pop up shops, chazzer shops, nail bars and coffee shops?

The High Street is done for, with or without shopping centres. There is no way back for it. In town shopping malls will slow the downwards spiral for a while but Covid has increased their decay rate too.

Out of town ’Shopping Resorts’ (as I believe they’d like to be known) are increasingly becoming retail viewing galleries with added leisure facilities, cinemas, eateries, pools, bars etc.
 
Harvey’s Furniture into administration today...

Benson's Beds (Harvey’s sister business) also went into prepack administration today but was immediately bought out of administration by its private equity owner Alteri Investors who will be bunging a £25m investment into that business.

All existing orders with both companies will be honoured - Harvey’s is taking no new orders.


T M Lewin the shirtmaker has also into prepack today. Stonebridge Private Equity, whose vehicle Torque Brands took over TM Lewin in May, has bought back the brand’s remaining assets, including its online business, in a pre-pack deal.

M&Co have appointed Deloitte to advise and consider options with a view to prepack administration.

Not a good day for Retail.
 

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