Disruptive change is sweeping – failing to adapt

Disruptive change is sweeping the British high-street retailers. Four big British high-street retailers had to call in administrators – a form of corporate insolvency – this winter as cash-strapped, web-literate consumers proved unforgiving of stores failing to adapt to fast-evolving markets.

Comet was founded in 1933 and began life selling batteries and radios. It was the second largest electricals retailer, but this did not stop the retailer from plunging into administration in 0ctober 2012. Comet’s demise is one of the biggest high street casualties of recent years. Up to 6,000 employees have been made redundant.

Disruptive change is sweeping the British high-street retailers. Four big British high-street retailers had to call in administrators – a form of corporate insolvency – this winter as cash-strapped, web-literate consumers proved unforgiving of stores failing to adapt to fast-evolving markets.

#1 – Comet Comet was founded in 1933 and began life selling batteries and radios. It was the second largest electricals retailer, but this did not stop the retailer from plunging into administration in 0ctober 2012. Comet’s demise is one of the biggest high street casualties of recent years. Up to 6,000 employees have been made redundant.

#2 – Jessops The second chain to enter administration was photographic retailer Jessops, which was founded in Leicester in 1935. The company went into administration in the beginning of 2013. Within two days, administrators PricewaterhouseCoopers decided that Jessops could not continue as a going concern, so it closed the chain. As a result, 187 stores shut down, costing 1,370 jobs.

#3 – HMV The third chain to enter administration this winter was music and entertainment retailer HMV. Its landmark store in London’s Oxford Street was opened in 1921, it appointed administrators in the beginning of 2013 – just five days after Jessops.

Disruptive Change is Sweeping – Failing to Adapt

Highlights by David Willden