Thursday, December 11, 2008
Woolworths Closing Down Sale
Woolworths has started its closing down sale today, and according to the shoppers that spoke to the BBC, the bargains to be had were nowhere near as good as the posters in the window might have led you to believe. I took a trip to Woolworths at the weekend for, perhaps, a last walk around and to be honest, I really didn't see anything I'd be interested in.
I can't help but be amused that it was only a few months ago that wily old business legend, Sir Alan Sugar, bought nearly 4% of Woolworths. Obviously he sensed a bargain, but then it went into Administration.
You will also have seen Sir Alan appearing in those premium bond adverts telling you what a great deal they are, although, not as good a deal as they were because the chances of winning have reduced and the prize payout cut by a third. Sir Alan seems to have developed quite an inverted midas touch but I hope none of that puts off his potential apprentices!
So what will happen to Woolworths? You'd have to conclude it's not looking good and they could all soon be closed down. I think that will be a shame but I guess that's life. One of the things which has been interesting though is that there seems to be a lot of affection for Woolies, so maybe the brand could be resurrected as an internet only retailer, concentrating on the DVD/Music/Games market in the same vein as Play.com?
No doubt more big names will also be disappearing from the High Street in 2009. One of the things that is said about Woolworths is that it's not really defined by a particular product set that you'd want to go there for, other than Pic N Mix. I think that's something often said about WH Smith as well. They sell books, but not as many Waterstones. They sell stationery, but not as much as Rymans. They sell newspapers, but you'll probably have to wait 5 minutes in a queue to make a 40p purchase and then they'll try flogging you a big bar of Dairy Milk or a bag of Starmix which all seems a bit desparate. I'm fond of WH Smiths, but Parker pens are a bit naff these days so what's the point?
Who do you think could be going next??
I can't help but be amused that it was only a few months ago that wily old business legend, Sir Alan Sugar, bought nearly 4% of Woolworths. Obviously he sensed a bargain, but then it went into Administration.
You will also have seen Sir Alan appearing in those premium bond adverts telling you what a great deal they are, although, not as good a deal as they were because the chances of winning have reduced and the prize payout cut by a third. Sir Alan seems to have developed quite an inverted midas touch but I hope none of that puts off his potential apprentices!
So what will happen to Woolworths? You'd have to conclude it's not looking good and they could all soon be closed down. I think that will be a shame but I guess that's life. One of the things which has been interesting though is that there seems to be a lot of affection for Woolies, so maybe the brand could be resurrected as an internet only retailer, concentrating on the DVD/Music/Games market in the same vein as Play.com?
No doubt more big names will also be disappearing from the High Street in 2009. One of the things that is said about Woolworths is that it's not really defined by a particular product set that you'd want to go there for, other than Pic N Mix. I think that's something often said about WH Smith as well. They sell books, but not as many Waterstones. They sell stationery, but not as much as Rymans. They sell newspapers, but you'll probably have to wait 5 minutes in a queue to make a 40p purchase and then they'll try flogging you a big bar of Dairy Milk or a bag of Starmix which all seems a bit desparate. I'm fond of WH Smiths, but Parker pens are a bit naff these days so what's the point?
Who do you think could be going next??
New VAT Fraction
As everyone will be aware, the Government has recently lowered the standard rate of VAT to 15% in an attempt to get us all spending. Is this really going to make any difference? Well, who knows, but when Government debt is heading towards one trillion, what's another couple of billion on top? Gordon may think he has saved the world, but the Germans seem less than impressed.
So anyway, if you're doing a VAT return anytime soon, you might be interested in the new numbers for what is commonly known as the "VAT fraction", used for determining the VAT element when you only know the gross amount.
When VAT was 17.5%, you might remember that the VAT fraction was 7/47.
Now that VAT is 15%, the new VAT fraction is 3/23
Related link: VAT Calculator
So anyway, if you're doing a VAT return anytime soon, you might be interested in the new numbers for what is commonly known as the "VAT fraction", used for determining the VAT element when you only know the gross amount.
When VAT was 17.5%, you might remember that the VAT fraction was 7/47.
Now that VAT is 15%, the new VAT fraction is 3/23
Related link: VAT Calculator
Labels: tax
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