London X City, an online magazine that focuses on all things about London including the wider UK, has indicated that they were dismayed to hear about Toys R Us going into administration. While this had been on the cards for some time, it had seemed to most people that the company was capable of sustaining itself. Unfortunately, it will now be closing its doors for good. London X City has decided to dedicate an article on what the closure of stores like this means for the UK economy.
Chloe, spokesperson for London X City, says: "Clearly, there are some shock waves going through the economy right now. This is down to a variety of factors, but from within the companies going bust and from outside of the company, such as national and global economics and politics. What is beyond doubt is that it is a real shame that such an iconic store has had to go into administration."
According to London X City, as seen on the website www.londonxcity.com, it is undeniable that big brand stores like Toys R Us and Maplin, have had some difficulties in properly managing their finances. There have been financial problems on the cards for some time. In part, this is due to the mass availability of products similar to those on offer in those stores online, often with next day delivery but with much lower prices. Chloe adds: "It is virtually impossible to compete with the online world of retail now, but it is still surprising that a big name like Toys R Us has been that badly affected by it, particularly considering that they offer online shopping themselves."
It is not clear what the impact of these closures will be on the rest of the UK economy and its high streets. People are encouraged to read more on the subject to form their own opinion. One general consensus seems to be that there is a strong link between these failures and the Brexit referendum, which caused a significant slump in the value of the British pound. That said, this seems to be a particularly conscientious opinion.
SOURCE: Press Advantage [Link]
London x city is company that reports all about whats hot about London. London is an extraordinary city that needs to be reported on. We cover everything from food and celebrities to sports, business and money.
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