High Street firms preparing for ‘catastrophic’ Christmas as Marks & Spencer heads for its first loss in its 94-year history as listed company
High Street firms are preparing for a ‘catastrophic’ Christmas as Marks & Spencer heads for its first loss in its 94-year history as a listed company.
Retailers are readying for their worst festive period in history as the latest Covid-19 lockdown threatens to wipe out spending in bricks-and-mortar stores.
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City figures think Marks & Spencer – which even managed to make a profit during the Second World War – will report a £59m pre-tax loss for the six months to September 26 when it unveils its half-year results on Wednesday.
It comes as data firm Springboard is expecting visits to Britain’s High Streets to tumble by 87.3 per cent on last year over the Christmas period from Nov 22 to Dec 26.
Across all retail destinations, including retail parks and shopping malls, visitors are expected to fall by 62 per cent – leaving many bricks-and-mortar shops in dire straits.