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Peter Jones Sales Plunge As Rich Turn CautiousPeter Jones, the upmarket department store owned by the John Lewis Partnership, reported its worse sales slump this year as Londons monied classes slammed their wallets shut during the early, snow-filled Easter week. The store, based in Londons Sloane Square and commonly frequented by bonus-rich City workers and their families, said that sales in the six-day week to March 29, slumped by 20.9 per cent — the third consecutive week of double-digit declines. The fall in sales, which began last year and has gathered momentum, suggests that even wealthy individuals in the financial sector are becoming more cautious about spending as the credit crunch worsens. In the week leading up to Easter, sales at Peter Jones, which has recently undergone a refurbishment, fell by 16.1 per cent while over the prior seven days to March 15, trading declined by 19.1 per cent. &&&§ionName=IndustrySectorsRetailing,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Retailers braced for icy blasts at Easter High street rebound hits rate cut hopes Householders take on more debtMore expensive food ranges also failed to draw in consumers over Easter, as Waitrose said sales fell by 4.6 per cent. Overall sales for the John Lewis Partnership fell by 2.2 per cent, with the only major spurt of growth coming from shoppers who chose to stay home and buy goods online, sending internet sales up 23.8 per cent during the week. Overall sales at the John Lewis chain rose by 1.3 per cent fuelled by strong trading in electricals, where revenue rose by 13.7 per cent. Homeware sales, however, continued to fall as the credit crunch continued to put consumers off making big-ticket purchases, with trading down 8.2 per cent during the week. Tag CloudExternal InformationAdditional InformationIOOF chief executive steps down after completing his role in success story...MySpace to Discuss Effort to Customize Ads... Immigration Raid Yields 62 Arrests in Illinois... Merck to Pay $671 Million in Settlement... Where Am I?News Main Page - Business - Peter Jones Sales Plunge As Rich Turn Cautious |
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