By Daniel Hunter
Electrical giant Comet will close it doors for the final time today (Tuesday) at a cost of over £49.4 million pounds. The bill includes redundancy payment and tax revenues and will be met by the government.
Retailers on the high street are battling to ensure they don’t suffer the same fate as Comet, or indeed Game, JJB Sports or Clinton Cards, who also failed this year. With 50% of annual sales made by non-food retailers in November and December, many are hopeful that the measures they put into place for Christmas will ensure a success and a bright future after the festive season.
“The stakes are incredibly high and as a result, no retailer worth its salt could afford to have a lacklustre plan going into the Christmas season," Chris Thomas, CEO of Cloggs, said.
"There were lessons to be learnt even from last year and we have had to be much smarter in how we manage stock and design promotions in order to engage with customers.
“Our approach has been one whereby we have been able to maintain interest and a certain buzz around our flagship high street store as well as online. As we have seen from a number of recent examples, the sales from the online store can only prop up a failing bricks and mortar store for so long.
"In the end, there has to be a realisation that both need to maintain their prominence and appeal but in unique ways in order to continue success. Some stores that once had a commanding share of the retail market now find themselves in severe danger and only by responding to the changing ways in which people shop can we ensure that this, and future Christmases, are fruitful.”
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