Robert Peston On HMV
Robert Peston has an interesting take on HMV’s demise in this article. He asks these two questions.
Will it go the way of Jessops and Comet? Will all 239 stores be closed, with the loss of all 4,000 jobs?
And is there a rising incidence of corporate insolvencies which could actually be a good thing, in the widest possible sense (please bear with me; I haven’t taken leave of my senses or transmogrified into some kind of insane company necrophiliac)?
It is his answer to the second that is most interesting. Here’s part of it.
The evidence of past recessions is that economic growth doesn’t resume at any great velocity until unviable and inefficient businesses are put of their misery and excess capacity in various industries is eliminated.
Now, although there has been a fair old number of retailing collapses in the past year or so (according to FRP Advisory, HMV is the 32nd significant retail chain to go into administration in just over a year), there have been many fewer corporate collapses since the financial crisis of 2008 than was predictable on the basis of past economic experience.
I think he could be right.
When you clear out the living dead companies you create lots of niche markets, where those with ideas and money move in to create jobs and revenue.
I think we’ll see a very different way of selling music evolve on the High Street. What it will be like, I do not know and I won’t even guess!
Are Zopa Rates Dropping?
I have been looking at my Zopa spreadsheet and it would appear that the lending rates now, are not as high as they were.
If I look at the average rate on all loans so far in January 2013 it’s 6.33%. In January of 2012, 2011 and 2010, the rates were respectively 6.27%, 6.90% and 7.43%. As I’ve been using the same lending philosophy for a few years, it would appear that rates have fallen.
Bad debt at the end of 2010 was £334.53, with 2011 and 2012 being £408.24 and £466.23.
So rates may be dropping, but bad debts seem to be well under control.
I have wondered if that money from the government and new borrowers will depress rates, but as the ratio of money available to money required seems to vary quite a lot, it is probably classic supply and demand.
I shall watch this variability with interest.
Living With British Products Only
A family called Bradshaw have decided that they are going to live using only British products. Their story is here on Kent On-Line and their web site is here.
The BBC also flagged up a web site called Make It British.
Their piece also showed that you can buy tea from Cornwall. Now that is truly a British cup of tea!
Comet, Jessops and HMV
I don’t think in the last seven or so years, I’ve ever used any of these shops. I certainly haven’t since C died.
In fact, my last camera was bought in John Lewis, as was my last computer and most of the goods one traditionally bought at Comet.
And as I rarely listen to music these days, I don’t have a need for HMV or their on-line alternatives.
Now I know that my non-purchases didn’t push them over the edge, but we live in times, where every purchase is made with care, either for financial reasons or just for those of style and taste. Goods too, last longer.
Guns And Alcohol Don’t Mix
If ever there was a story that proves that guns and alcohol don’t mix it is this one of the tragic death of Royal Navy officer; Ian Molyneux.
When my youngest son was doing some training to see if he wanted to join the Guards, he forgot to take his boots. So I drove them down to Pirbright and gave them in at the gate. The sentry was a bit strange and actually pointed his weapon at me. I didn’t think anything of it at the time, but he too could have been drinking. I do know that I was distinctly uneasy at his behaviour and made a rather quick getaway.
The last time, I came across a sentry with a weapon, was when I went over HMS Liverpool. But I didn’t feel any unease at all, as the sentry was female and she handled it impeccably.
Patrick Barclay On Sheikh Mansour
I picked up the Standard tonight as I often do, and this article by Patrick Barclay caught my eye. Here’s the first paragraph.
When Sheikh Mansour took over Manchester City, I suggested that his best route to the top of English football would be to buy and disband Manchester United, acquiring as many of their players as were wanted, then paint Old Trafford blue and use it as a training ground. Fortunately, the Sheikh and his Abu Dhabi associates preferred more constitutional methods.
But something must be done to create a fairer playing field, where rich benefactors can make a farce of fair play. UEFA are trying, but then will Abramovitch and Mansour fall into line? I doubt it!
On the other hand, there are quite a few footballers out there, who contrary to the usual myths are intelligent and have made enough money to go where they please. I think and very much hope that we see a lot more upsets like Swansea at Chelsea in the future.
The Chuggers Are Getting Desperate
As I came out of Dalston Junction station to get the bus home, I was surprised to see a team of chuggers inside the station.
Whilst waiting for the bus, I didn’t see them accost anybody successfully, so I suspect they weren’t doing very well. But then I suspect many who pass through the station, probably need every penny they can keep.
But then, were the chuggers inside the station as it was so wet outside?
The Tyranny Of The Cards
I don’t carry any loyalty cards, as I have tried to cut the useless junk out of my wallet.
But every time I buy something in Boots or Sainsburys, they ask me for the loyalty card and I just say that I don’t carry one.
How many seconds a year, do I waste, whilst we discuss my non-existent loyalty cards?
I’m Keeping Out Of Starbucks
It must be some time since I went into a Starbucks to have some coffee. It could have been after I saw Skyfall. But it was certainly no later than this post, where I mused about the dilemma. That would be eight weeks without a Starbucks coffee.
Made In Greece
I actually bought something in Boots in Eastfield, that was made in Greece.
It was some T/Gel shampoo.
The Anonymous Widower 