Marks & Spencer, Tesco and Morrisons all have a lousy Christmas
It goes without saying that these people are all still wildly wealthy, but M&S saw a tenth successive quarterly drop in clothes and home sales while Tesco and Morrisons saw a respective slump of 2.4% and 5.6% over Yuletide.
These three can't even take solace in the fact that everyone did badly, thanks to the economic situation as their rivals Waitrose, Asda, Aldi and Lidl all had a lovely time over the festive period.
It seems that M&S' desperate bid to get people through the doors with sales, deals and the pre-Christmas 'Mega Day' sale, failed to win anyone over and served only to hit profits. Tesco noted that Christmas was 'very difficult' and Morrisons stated that consumers had been 'shopping across a range of formats and retailers' in a bid to manage their budgets more efficiently. Even if everyone suddenly becomes flush, this pick-and-choose style of shopping isn't likely to change soon.
Things are so bad at Morrisons that they've apparently stopped cleaning their windows in a bid to save money. Good thing the days are still short, wintery and dark, so that people might not notice how grotty the stores look.
Marks & Spencer meanwhile, are blaming "unseasonal conditions" rather than looking at prices and their actual wares. Heads are going roll in 2014.