The royal wedding may have been and gone, but it’s fair to say businesses across the UK are still toasting the union of the Earl and Countess of Dumbarton – or Harry and Meghan to you and me.
Indeed, it’s been estimated that the televised nuptials will have boosted British coffers by an eye-watering £500million, with much of that making its way north of the border.
However, some have clearly needed that injection more than others.
Marks & Spencer undoubtedly did well from the sale of wedding memorabilia, in tandem with its widely publicised Markle and Sparkle PR stunt, but they’re unlikely to be enough to stave off a deluge of bad news for the troubled retailer.
We learned last week that not only is M&S set to close 100 stores by 2022, it also suffered a 62 per cent drop in pre-tax profits in the last financial year.
It all adds up to a very worrying time for the high street giant’s workforce, including those in East Kilbride and Falkirk, where stores have been earmarked for closure.
But for giant retailers operating in a cutthroat environment, you reap what you sew in some ways. M&S has failed to invest in many of its local outlets in recent times, lending them a shabby, dated appearance that of course doesn’t encourage shoppers to come back. The retail giant has also been slow in adapting its offering to the modern requirements of the web.
Scottish job losses represent a sad but not unexpected consequence of that malaise.
Nevertheless, that’s not to say that the employment picture here is gloomy overall. In fact, it’s as sunny as the weather we’re currently enjoying after it was revealed last week that Scottish employment levels hit a record high in 2017.
It bodes well for those who face being shown the door at M&S.
More than 2.6m people made up the largest Scottish workforce to date, with more than 1.9m of those in full-time employment.
And there were some interesting statistics to be found within the data, including a greater number of over 65s still working—perhaps not a shock in that we’re all likely to be working into older age in order to get a decent pension pot.
I, for one, was particularly struck by the number of self-employed Scots. More than 322,000 people classed themselves in this category north of the border, with the numbers of women among them growing.
Isn’t it great to see the spirit of entrepreneurialism alive and well in Scotland?
Striking out on your own is so rewarding if you can make it work. You’re no longer slave to the fortunes of managerial decision-makers and you decide who you work with, if anybody.
Some just simply don’t get that choice though—self-employment is forced on a portion of a population because the majority of companies wouldn’t consider recruiting them.
I’m talking about people who have spent time behind bars, and it’s welcome news that a new body called Release Scotland is being set up to encourage employers to take on those very people, giving them a second chance.
It will be no mean feat to chip away at and change attitudes, but in my view, it will be worth the toil.
Jobs are a vital lifeline for people exiting the justice system, and the benefits of them finding employment are huge. For one, they are less likely to re-offend—a fact that is hard to overstate the importance of.
It also of course benefits us all when more people are working and contributing towards our shared economic aims as an inclusive, progressive nation.
Some big-name brands are already signed up to the scheme, including Greggs, Virgin Trains, Timpson, Redd Global and Scottish Chambers of Commerce. I’m sure many more will follow in time. Change is in the air—and it’s a great thing.
Shopkeeper Navid from the BBC’s hit sitcom Still Game isn’t the first guy you’d picture dispensing useful career advice to youngsters.
The fictional Craiglang resident probably only lets kids into his store two at a time.
Just as well then that it’s not Navid dishing out the advice behind wife Meena’s back, but the man who plays him, actor Sanjeev Kohli.
Sanjeev has been enlisted by the fantastic Young Enterprise Scotland to encourage youngsters to have no fear when following an unconventional career path if it’s one they’re passionate about.
Turns out Sanjeev is the ideal candidate to help youngsters find a career they really want to invest themselves in.
Sanjeev started out on a medical degree and moved to maths, before being discovered on a radio magazine show, and the rest is history.
He is now set to speak at Young Enterprise Scotland’s Festival of Youth Enterprise.
This two-day networking event at Hampden Park in Glasgow on June 5 and 6 is for young people who are interested in making headway in business.
Young Enterprise Scotland has a particular specialism in supporting young people from all backgrounds, helping them develop their business knowledge and entrepreneurial skills.
As a fellow Scots-Asian who has worked his way to the forefront of Scottish business, rather than the acting scene, I am all for encouraging youngsters to forge their own path in this world.
Any group which tries to inspire young people and get them thinking about their future, whatever their background, is a winner for me.
Laugh
The ‘Beast from the East’ was supposedly to blame for high street shops underperforming at the start of the year.
How things have changed. Now we’re basking in sweltering temperatures and thousands of Scots are doing what they do best when the sun shines and hitting the shops.
I had to laugh though when I saw that Glasgow’s Buchanan Galleries was offering shoppers free rickshaw rides.
The popular retail destination at the top of Buchanan Street has set up the service to offer flustered shoppers a free lift up the hill so they can stay cool while enjoying some retail therapy.
Spare a thought for the guy who’s on pedalling duties—he’ll be hot to trot by the end of the weekend.
Weep
Another large British retailer fell victim to the scourge of the high street last week.
News broke that DIY chain Homebase had been sold by its Aussie owners Wesfarmers for just £1.
The firm bought the retailer in 2016 for a whopping £340m.
The sale marked the end of their move into the UK market. Analysts were scathing in their response to the sale.
Richard Lim, of consultancy Retail Economics, called the takeover an “unbelievable disaster” due to “woeful management decisions, clumsy execution, and a misguided perception of the UK market.”
It is thought the brand—which has about 250 stores and employs 11,500 people—will undergo a massive restructuring programme.
Let’s hope restructuring specialist Hilco, which managed to rescue toiling music chain HMV in 2013, can work similar magic with Homebase.
