Queen's death won't further weaken retail market, says John Lewis boss
Reuters
Published Sep 15, 2022 11:43
LONDON (Reuters) - The boss of Britain's John Lewis Partnership said on Thursday she did not think the death of Queen Elizabeth would worsen already weak retail and consumer markets.
"I don't think so," Sharon White, the former Treasury official who chairs the partnership, told reporters after the owner of John Lewis department stores and the upmarket Waitrose supermarket chain reported first half results.
She said the biggest drag on consumer sentiment was soaring energy bills.
However, she said that had been alleviated by new Prime Minister Liz Truss's move last week to cap energy bills for two years.
"(That) takes out quite a lot of the uncertainty and anxiety that has been sort of suppressing consumer sentiment in the market," she said. "I would expect that to have quite a profound impact."
Pippa Wicks, executive director for the department store division, said the partnership's consumer research had shown that people want to stay more connected with family and friends than ever before.
"The passing of the queen has made that come into more starker light. That will play into how people want to think about Christmas," she said.
Some economists have said Britain's period of national mourning and a bank holiday for the queen's funeral could impact short-term economic activity - as it did when Princess Diana died in 1997.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.