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When big brands fail, jobs will be lost. Up to 25,000 people will need new jobs

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When big brands fail, the often cited reason is due to online competition. Sometimes, do we really believe this is the reason? I mean if the brand has huge support, it is so easy to just set up an online retail site right? Perhaps there are other reasons but it’s okay. Let’s just believe that online competition is really the only reason for the failure of many of these global brands which has been around for a very, very long time. Today we are looking at Debenhams and Topshop.

I frequented these two brands when I was studying in the UK way back in 1998. The clothes at Debenhams were not to my taste but I like Topshop. In fact, I would usually browse through their ‘clearance’ corner where leftover odd sizes would get heavy discounts. Both brands are represented in Malaysia and both brands have been around for a very long time in Britain. Latest news is that they (both brands) are both set to close and the reason mentioned was due to fierce online competition. This may mean up to 25,000 people would need to find new jobs.

big brands fail
Photo by Andrea Piacquadio on Pexels.com

Article in nst.com.my Debenhams said that it was set to close unless it was rescued and this meant that around 12,000 jobs will be lost. The reasons for this potential closure include coronavirus fallout and fierce online competition. Topshop-owner Arcadia which had not been doing well even before pandemic has fallen into administration and this puts at risk a total of 13,000 jobs. For even more comprehensive reporting, do refer to this article yeah. Article in nst.com.my

It’s not the loss, it’s whether new jobs could be found

I think the most important thing should be whether all these people who lost their jobs could find new ones. When it comes to this question, it does not depend on just the company which closed down, it depends on whether these people have the skills to take up another job in another company. If we look at the forecast for the UK economy in 2021, it is expected to grow by 5.7%. Click here for that forecast. Let’s wish everyone all the very best and that all of them would secure employment within 2021.

I know, it’s not that rosy in Malaysia too when it concerns jobs. This is why I really do wish that the vaccines would arrive soonest possible and this would help to turn the sentiment around; from negative to a positive one. In the mean time, do help businesses by buying from as many of the local SMEs as possible. That nearby nasi lemak stall… the vendor selling vegetables. They really do need our help yeah. Thank you.

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Next suggested article: Jobs, Jobs and Jobs. Foundation to our investments

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