British retailers see "seismic shift"
America Blog Jul 03 08Gas (sorry, petrol) prices in the UK are always high but now they're even higher. Even when buying with the British Pound which is almost double the strength of the US dollar, it's still expensive. This week has been especially bad for the British retailer Marks & Spencer who has lost around $2.5 billion in value. Even worse, M&S stock is 1/3 of its value one year ago. One of the problems they are facing today is the high cost of gas which is keeping shoppers closer to home instead of driving to the big shopping centers. I have not read anything (yet) about this in the US though it would not come as much of a surprise if the situation was the same. Full story...
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