Retail

Could Haldane have helped save us from inflation?

Would Andy Haldane, the economist who left the Bank of England to run the Royal Society of Arts, have made a better governor than Andrew Bailey? You might be thinking that Daffy Duck would have made a better fist than Bailey of combatting the cost of living crisis. But seriously, Haldane was an outsider (backed by this column) in the race won by Mark Carney in 2012, and Dominic Cummings reportedly wanted him to follow Carney in 2020. He’s a brilliant real-world observer and it’s poignant to know that, though he warned Monetary Policy Committee colleagues early last year to brace for inflation, it has ‘surpassed my worst expectations’. He

Is ours the oddest high street in the land?

The window of the new shop was as brightly coloured as a circus entrance, and stuffed full of items bearing no relation to each other, from chocolates and candles to vases and old chairs. The unusual name, too, made the place seem like it might have some mystical, hidden purpose. The builder boyfriend wandered over the road from our house to explore this latest niche store to open up in the village. When he came back he said: ‘Do you remember Papa Lazarou from League of Gentlemen?’ I do indeed remember the demonic circus character who featured in four episodes of the TV show. He would bang on people’s doors

Why are so many classic British brands going downmarket?

Huntsman, at No. 11 Savile Row, was once an understated beacon of good taste. But if you visit today, you are likely to be met by a gaggle of tourists posing for selfies in front of the window across which is splashed in very large letters: ‘The King’s Man, only in cinemas now.’ The tailor, which dressed the Duke of Windsor in his bachelor days, provides both the inspiration and location for this fun, if silly, spy movie franchise, the latest of which stars Ralph Fiennes. Unfortunately, cinematic fame has led to the brand losing its bearings. Pop inside and you are confronted by a selection of what can only

Why cash is still king to me

I recently set out on a simple mission: to break the £10 note in my purse so I’d have a five to put in the church collection plate on Sunday. My first attempt backfired. The café, where my order was delivered with an eye-roll of metro disdain, no longer accepted cash payments. I sat at one of their pavement tables, drinking the single macchiato I’d neither wanted nor needed, and considered my next move. I’m aware that cash is now regarded as a grubby anachronism. All those hands it passes through! Eww! Of the two churches I attend, one has stayed ahead of this trend and installed payment terminals in

Are banking apps luring young people into debt?

Last month, my bicycle got a flat tyre. ‘Both of those tyres are gonna need replacing and you’ve knackered your sprockets,’ huffed the bike man. The bill came to £230. It’s the kind of irritating expense that means I run out of beer money a week before payday. I’ve always assumed I’m a reasonably normal spender. Work pays me, the money gradually disappears over the month, with hopefully a bit left over for my Isa. I’m vaguely aware that something exists called a ‘credit card’, but my parents always made clear to me that if you don’t have the money for something, don’t buy it. Where I differ from older

The problem with online property searches

In 1966, the legendary adman David Ogilvy set out to buy a home in France. He boarded a transatlantic liner to meet a French estate agent who had a perfect house waiting for him in Paris, but while still in mid-ocean he heard he had been gazumped. There were presumably other houses on sale in Paris at the time, but it seems the agent did not show David any of them. Instead he suggested they board a train to Poitiers, 200 miles away, to an area David later described as ‘the South Dakota of France’. On the banks of the Vienne stood a decaying 13th-century château with around 30 bedrooms

How to solve the looming pigs-in-blankets crisis

This is getting serious. Never mind global shortages of microchips, plastics, copper and container ships; now we’re running out of pigs in blankets. The British Meat Processing Association says its members are so understaffed that annual production of 40 million packs of this popular pork item for the Christmas market is under threat. The British public have so far stoically accepted occasional empty supermarket shelves as a pandemic knock-on, to be blamed in part on necessary pinging of key workers and delivery drivers and in part on neighbours’ stockpiling, rather than on systemic government cock-up. But if the succulent sausage-in-bacon delicacy is nowhere to be found, trouble will surely follow.

Why filling Father Christmas’s sack will cost more this year

Bank of England governor Andrew Bailey looks increasingly uncomfortable as inflation notches upwards from ‘nothing to worry about’ towards the Bank’s latest prediction of a decade-high 4 per cent peak later this year and a possible ‘Oops, we’re back to the 1970s’ if spiralling wage and price pressures confound the forecasters. I wrote last week about the UK’s lack of lorry drivers, but that’s just one of many bottlenecks that need unblocking, as Bailey says, to bring ‘a wave of supply back on to the market’ and quell the blip. More significant globally, and much more difficult to resolve, is the logjam of shipping. The composite World Container Index published

Will a John Lewis home be up Boris and Carrie’s street?

The Financial Times carried a curious story at the weekend about ‘the secretive process to elect the Lord Mayor of London’ being ‘thrown into disarray’ by ‘objections from some City leaders’ to the candidacy, for 2022, of Nick Lyons — who has just been elected as one of the City’s two sheriffs but who happens to be an Irish citizen. Lyons’s unnamed opposers say City rules have always required the Lord Mayor to be a British citizen. The City Corporation, the Square Mile’s local authority, says it has legal advice to the effect that Lyons is not disqualified, EU citizens being permitted to stand in UK local elections. The FT

Why private equity sharks are shopping at Morrisons

The late Sir Ken Morrison — founder of the eponymous supermarket chain that’s the latest UK target for US private equity — had the blunt manner of the Yorkshire cattle farmer he became in reluctant retirement after he was ousted by his own board. Criticising his successors from the floor at one of his last AGM attendances, he roared: ‘I have 1,000 bullocks… but you’ve got a lot more bullshit than me.’ So I’m sorry he’s not around to accost the suits from the New York firm of Clayton, Dubilier & Rice (and their adviser, former Tesco chief Sir Terry Leahy) on the intentions behind the takeover bid that sent

Is Farrow & Ball’s business model flaking?

The happiest thing that happens in May is the coming into leaf of my long beech hedge. The shift from brown to green symbolises, for me, an annual economic revival — of openings, reopenings and entrepreneurial optimism. This year, after April’s frosts on the end of a dismal winter, it was especially welcome. And as revival collides with new fears of ‘the Indian variant’, I’m clinging to optimism while watching for new-season winners and losers. In that spirit, I’ll make this column a collage of consumer themes. First — though I’m not sure what this symbolises — a friend tells me he celebrated relative freedom by driving to Bicester Village

The insidious creep of corporate friendliness

Have you noticed it? The slide towards faux-friendliness and fake sincerity from the companies with whom we used to have an impersonal and transactional relationship. The deal used to be simple: we paid them, they did things or provided stuff, thank you and goodbye. If something went awry, we told them and, with luck, they fixed it. Feelings, other than occasional frustration, did not come into it. But in recent years, presumably inspired by American corporate culture, companies are no longer content with worming their way into our wallets. Now they want to commandeer the emotional part of our brains as well. They’ve done their research into behavioural science and

The importance of gossip (according to the ancients)

Gossip appears to be good for the mental health. That should make the females of the ancient world some of the healthiest people around. Not that men did not gossip. The essayist Plutarch (c. ad 100) wrote disapprovingly of the ‘adulteries, seductions, family quarrels and lawsuits’ they loved to hear about (barbers’ shops were especial hotbeds of gossip); but his big gripe was that they were such bores. He described one droning on to Aristotle, and indulgently adding how amazing his stories were. Aristotle replied: ‘What is amazing is that anyone with feet puts up with you.’ Another crasher, after a long rigmarole, said: ‘I’ve bored you, philosopher.’ Aristotle replied:

Can the ‘next Bicester Village’ take off without tourists?

Retail footfall will be the first measure of recovery this spring. Everywhere I look, from central London to small-town Yorkshire, shopkeepers who survived the winter cull have been dusting their counters, cleaning their windows — and waiting in their doorways for the crowd of customers who have accumulated £150 billion of savings during lockdown and, despite the cornucopia of online offerings, can’t wait to start browsing and shopping for real again. Indications were mixed at the beginning of the week, with numbers still down on pre-pandemic levels, but at least the stock market is buying the theory. The FTSE 350 General Retailers index, which includes the likes of Dixons Carphone, Dunelm,

Can John Lewis and Waitrose really remain partners?

Historians of unforeseen crises talk about ‘chaos theory’ and the ‘butterfly effect’, in which a small perturbation far away — the flapping of a butterfly’s wings in Australia, as it were — have impacts across much larger connected systems. More usually applied to weather events, the theory had its 2008 moment when the collapse of AIG, a US insurer whose name meant little over here, threatened to cripple so many banks that, without immediate bailouts, our high street ATMs (we were told) might have been switched off there and then. Let’s hope Greensill Capital, a little-known ‘shadow bank’ created by former Queensland sugar farmer Lex Greensill, doesn’t turn out to

Portrait of the week: A royal baby, Boohoo buyouts and France legalises lunch al desko

Home On Sunday 7 February, as the week began, 11,465,210 people in the United Kingdom had received a first vaccination against Covid-19 and 510,057 a second. Those aged 70 or over were invited to book a vaccination online or by telephone if they had not received one. Illegal immigrants were advised to register with a GP without risking deportation. South Africa, possessing a million doses of the Oxford-AstraZeneca vaccine, decided to suspend its use after a trial of 2,000 people (42 of whom developed Covid) seemed to indicate that it offered ‘minimal protection’ against mild and moderate cases; no one in the trial was old. Professor Jonathan Van-Tam, the deputy

Had the kitchen shop assistant been drugged and handcuffed?

The kitchen tap began dripping as if it knew perfectly well that this would land me in a predicament whereby I would have to brave a phone line. I tried a friend who is a plumber but he confirmed that getting a new valve would involve contacting the kitchen shop where I bought the tap, and he didn’t fancy it. ‘Fine,’ I said, ‘I’ll call them. But if I’m going to do the worst bit, then I might as well get him to fit it for nothing.’ By which I meant the builder boyfriend. My plumber friend agreed and then abandoned me to my fate. And so I dialled the

Portrait of the week: Vaccine battles, illegal haircuts and Biden’s chat with Boris

Home Supplies of the Pfizer vaccine (made in Belgium) were feared to be at risk from a declaration by the European Union health commissioner, Stella Kyriakides, that EU companies would have to ‘provide early notification whenever they want to export vaccines to third countries’. This came after AstraZeneca was said to be able to deliver by the end of March only 31 million of 80 million doses ordered by the EU. The company, with a factory in England, had undertaken to deliver two million doses a week to the UK. Nadhim Zahawi, the minister for vaccination, said that supplies were ‘tight’ but the mid-February target of 15 million vaccinations would

The Darvell marvel has brought joy to a Covid Christmas

Many ingenious ways of evading Covid-19 have been devised to assist commerce, fewer to assist worship. In our next-door village, however, is Darvell, a large, longstanding Bruderhof community, part of a worldwide Anabaptist movement. Always welcoming to neighbours, they normally hold a carol concert in Advent. This year, such a thing is forbidden. Instead, the brotherhood devised a ‘Christmas Drive Through Darvell’. I slightly feared a gigantesque version of the dropsical Father Christmases and reindeer which people stick on their roofs, but I was wrong. At dusk on Saturday, we arrived with three generations of our family. The drive stretches well over a mile before exiting into another lane. It

Can Mike Ashley defy high street reality?

Separating heroes from villains in the great retail survival struggle is like spotting bent coppers in Line of Duty — whose sixth series, I’m pleased to report, has just finished filming. The plot just keeps twisting. Sir Philip Green, as I said last week, is seen as an irredeemable baddie; and most commentators (though not usually me) put sportswear tycoon Mike Ashley in a similar category, as an opportunist with a track record as a harsh employer. But now here he is, trying through his company Frasers Group to launch a last-ditch rescue for Debenhams, despite having lost £150 million last year in previous pursuit of the department store chain.