Monday newspaper round-up: UK high streets, FirstGroup, Pizza Express
The number of shoppers heading to UK high streets, retail parks and shopping centres has fallen by 10% in the last seven years, the latest research shows. The trend was echoed in September, when retailers came under renewed pressure after heavy rainfall and Brexit worries kept consumers away, according to the British Retail Consortium (BRC) and the Springboard data company. Retail footfall dropped 1.7% last month compared with the same month last year, and 1.6% on a three-month basis. – Guardian
Global authorities gathering in Washington this week must stand ready to address emerging risks including a global economic downturn and Brexit, the leading body for global financial stability has warned. The Financial Stability Board – which was formed after the 2008 banking crisis that brought the financial system to its knees – said that while much has been achieved in the past decade, its job was “far from complete”. It also warned of new dangers, including higher levels of corporate debt, weaker lending standards, and cyber-attacks. – Guardian
The executive upon whom FirstGroup has pinned its turnaround hopes will fly to New York for a Hallowe'en showdown with warring US shareholders. David Martin, the former Arriva chief who replaced ousted Wolfhart Hauser, is to meet investors at the end of a whistle-stop tour of the US on Oct 31, The Daily Telegraph understands. In his first meeting with them since taking office in August, Mr Martin will be hoping to convince investors that he has the right team and strategy in place to reinvigorate the company’s fortunes after months of disquiet. – Telegraph
Bosses are more worried about weak demand than at any point in the past five years, amid fears of falling revenues and dwindling profit margins. While the impact of Brexit continues to loom large as the biggest risk facing businesses, domestic economic conditions also are weighing heavily on the minds of Britain’s biggest companies. According to the quarterly Deloitte survey of chief financial officers, businesses are responding by stepping up the pace of controlling costs, with 58 per cent of those surveyed citing costs as a strong priority for the next 12 months, the highest level for a decade. – The Times
First Thomas Cook, now Pizza Express — but this time customers weren’t taking it lying down. As soon as the first tweet appeared on Monday morning suggesting that the pizza chain could be the next family favourite to fall victim to its mountainous debt, a campaign was launched under the hashtag #SavePizzaExpress. The level of support was astonishing as fans brought up on Fiorentinas, American Hots and Margheritas lined up to back the 54-year-old brand. “Would be genuinely sad if Pizza Express folded,” Ian Dunt, editor of Politics.co.uk, said. “Those were some of my first proper meals out when they opened in my hometown when I was a kid. Plus those dough ball things are the dog’s bollocks.” – The Times