Woolworths has announced that it’s starting it’s closing down sale in a bid by tthe administrators to try and raise as many funds as possible for creditors as possible. One year shy of it’s centenary there doesn’t seem to be much hope for a retailer who’s name has become synonmous with the British high street. It’s a great shame, but a lesson for all that without continual reinvestment in a brand, failure is the only option.
I blame the demise on a 2 factor theory. The biggest problem in my eyes was the attempt to cram everything under one roof. Consumers nowadays are much more picky and prefer going to a specialist to ensure quality in their purchase. This has let to Woolworth’s market share being eroded by a multitude of specialist stores which have a more defined identity and segmentation strategy. The other factor, obviously, was the economic climate; credit is harder to achieve and the pre-Xmas pressure was just too much.
It’s the end of an era for the UK High Street, but how many will mourn Woolworth’s demise?