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Which types of business will not survive the credit crunch ? | | Published by: jack 2009-01-08 |
Canada's credit-crunch election | The fear factor | The Economist::
Oct 9, 2008 The first credit-crunch election. If the voters go further and eject Mr Harper, that, sadly, will not be because they have been convinced by
http://www.economist.com/opinion/displaystory.cfm?story_id=12381439HOME |
http://business.timesonline.co.uk/tol/bu...
Business that fail to change.
I went into a national restaurant chain on Saturday for lunch it was packed why - it was offering good food cheaply and the service was good.
Coffee shops will go unless they drop their prices and offer value for money.
Woolworths will go as it hasn't changed in years. Designer clothes shops will go or reduce their profit margins. Asda will struggle as it's strength is low cost, low quality it has nowhere left to go and will get squeezed by the discounters.
Gyms will also suffer - many take £60-£70 a month from people who know longer use them - one of my friends has just cancelled his membership he hasn't been for nearly 3 years. He has spent over £2,000 on something he hasn't used. People will be a lot more careful.
Sadly, small family buisnesses like butchers food stores little shops and worst of all pubs did you know there are five pubs shutting per day due to the credit crunch until soon all's that will be left will be massive super markets ..not yet but if things continue at this speed and ferocity then in a few years everyone is pritty much ******
Businesses such as hairdressers will find it harder to survive as people now have less to spend on luxuries instead of going to the hairdresser every two weeks people will have to cut back and go every few months instead.Also things like the florist will find it hard to survive. It will mainly be the luxuries that people used to indulge in that now, they can no longer afford.
SERVICE INDUSTRIES
Purchasing on credit .
Bor Hor Hor !
manufacturing businesses and the various sectors of the service industry as people will cut down on buying new goods, and start doing the housework etc themselves!
Anyone who supplies a service that we would cut down on now that everyone's tightening their belts.Spa's,gym's,beauty salons.Jewellery shops,anyone selling luxury items.Holiday companies,estate agents.If we can do without them they'll find it tough.
Hopefully the banks sidlines ie insurance etc!
Those who wont survive are those who make no attempt to adapt to a changing market. Sitting around waiting for business to come through the door is a thing of the past. It requires some real "thinking outside of the box".
I think many fashion stores are going to go down the pan. Competition is fierce and margins low.
Also electrical goods, soft furnishing, etc We can all survive without them.
I think its going to be businesses who operate in a sector which is considered a luxury. Also, businesses who have not diversified and specialise in selling one kind of product will also be affected because if their product is not selling, they can't fall back on the sales on other products. Additionally, businesses who fail to cut back costs and become efficient in every part of the business and also don't focus on good customer service will be affected.
Cereal makers
Dolphin trainers
&
Bed testers
some of the service industries
I hear Starbucks has seen a massive downturn..... people don't want to pay £3.50 for a cup of coffee in a recession... who'da thunk it?
Management Consultants hopefully.
MOST SMALL BUSINESS CANNOT AFFORD OVERHEAD AND WILL CLOSE UP SHOP!
Business which WILL survive the credit crunch:
Condom manufacturers & a few Brothel houses etc.,
apart from them the story has become very bleak for other businesses. It's a question of survival for all others now.
Not sure off hand which businesses will go down during the credit crunch, but here are a few businesses which will survive and even make profits.
Supermarkets - we all gotta eat
Undertakers - we all gotta die
The rest of us will just go to the wall.
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