Can’t stand the heat

IT HAS been a dismal year for Britain’s beleaguered high streets, and it is only March. After a barely festive Christmas, the intervening months have seen the collapse of Maplin, an electronics retailer, and Toys “R” Us in Britain. New Look, a fashion retailer, is struggling to survive after announcing the closure of 60 stores with the loss of 1,000 staff. Debenhams is axing a quarter of its management positions. Marks & Spencer, Tesco and other supermarkets are also shedding jobs. On March 8th the John Lewis Partnership, owner of John Lewis and Waitrose, announced that its profits last year had dropped by 77%.

The big stores and supermarkets have been struggling for a while, but it was once thought that restaurants and pubs might escape the carnage. One theory had it that consumers were spending more on going out and less on TVs and bed linen. Not so. Restaurant chains, in particular, are feeling the pain as much as anyone. In recent weeks Byron Burgers, Prezzo and Jamie’s Italian have all started closing outlets (Prezzo 94 of them) as part of restructuring plans. Some may not survive. Posh Carluccio’s has called in accountants to “assess its options.” On March 12th Casual Dining Group, owner of the Café Rouge and Bella Italia chains, unveiled an increased loss of £60m ($85m) for the year to May 2017.