LITTLE sign of the credit crunch last night in Marchmont, the student capital of Edinburgh.
While mid-week drinking sessions are not to be condoned (a case of trying to relive my own student days, I’m afraid), they do provide a (hazy) window on what’s happening in the so-called real economy.
Suffice to say, the watering holes of studentville were alive and kicking of a Wednesday evening as the great unwashed continued to bleed the Bank of Mum and Dad dry (I sense another financial bailout coming on).
Of more concern during a half-hour stroll across town to my awaiting shandy were the deserted designer bars and eateries lining the capital’s streets.
There in hitherto well-heeled Auld Reekie was clear evidence that the "Big R" is already upon us.
No need for Merv the Swerve or Mr Broon to tell us we’re heading for the mire: we’re already there boys.
Today brought us further dreary news from an already battered and bruised high street.
Official figures showed that UK retail sales fell by
0.4 per cent in September, a downturn that eclipses the flat growth reported by the Scottish Retail Consortium earlier this week.
We also heard from two retail heavyweights.
Consumer electronics giant DSG, of Currys and PC World fame, is to slash its capital expenditure by £30 million after reporting a 7 per cent slump in sales.
In the understatement of the year, chief executive John Browett describes the trading environment as "tough".
Yet, goods are still moving off DSG’s shelves. Witness the recent opening of a refurbished Currys megastore which attracted queues in the thousands as cash-strapped consumers went bargain hunting.
And then there was my recent pilgrimage to that purveyor of all things geekish – Richer Sounds. Cut-price plasma screens and budget hi-fis were flying out the door of the Edinburgh branch.
Sports Direct was the other big name updating the City today on its recent trading fortunes – a statement that wasn’t as gloomy as some had been expecting.
Sure, the sports retailer admitted that conditions were the hardest it has ever seen, but annual profits are still on track to hit the mark. Polyester tracksuits and twenty quid trainers, it would appear, are still in demand.
And that, I feel, is how the recession is going to play out for Britain’s army of shopkeepers, bar owners and restaurateurs. Clear blue water between the service sector’s winners and losers.
Expect further casualties, yes, but at the same time those prepared to adapt to the tighter regime should emerge from the far side smelling of roses.
