Last week, we joked how slow business in London during the Olympics might lead the UK to hock its athletes’ medals.
The good news is, the UK’s medal count has now reached 50.
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The bad news is, the country’s problems are getting worse.
As Joanna Partridge of Reuters says, “Last week central London resembled a ghost town. Now the Bank of England has slashed its growth forecast for the next two years.” Ouch.
It seems that sports retailers are the only businesses really booming right now. For instance, thanks to Olympic cyclist, Bradley Wiggins’, recent gold medal, bike shops are cashing in. Tim Reese, the area manager at Evans Cycles, says, “Tour jerseys have been selling really well, the ‘Wiggo’ t-shirts, Sky team kits, have all been selling out.”
And Adidas is expecting an increase in revenue to boost full-year earnings.
Sadly, sports retail sales likely won’t be enough to keep the UK out of its current slump.
Tom Vosa from National Australia Bank says, “Really, the key [question] here is how well is the global economy? And at this time we are clearly looking at a global economy which softened quite sharply in the second quarter.”