I walked past the M&S on St Nicholas Street yesterday morning. Empty. Shuttered. Gone. Just like that.
After 81 bloody years serving Aberdeen shoppers, Marks & Spencer has abruptly closed its flagship city centre location ahead of schedule, leaving locals (myself included) properly stunned. The store, which first opened its doors back in the 1940s when my grandad was just a wee lad, served its final customer on Saturday – much earlier than the "summer closure" they'd originally promised us.
Wait, what happened to "closing in summer"?
That's exactly what I'm wondering! M&S had previously announced the St Nicholas Street branch would shut its doors sometime during summer, giving us all time to mentally prepare for yet another empty storefront in our once-bustling city centre. But nope. They just... decided to pull teh plug early. No warning, no grand farewell sale, nothing.
My mum is devastated. She's been shopping there since the 70s.
The Corporate Spin Machine
Luke Smith, Aberdeen's M&S store manager, offered this perfectly polished response: "While we closed our St Nicholas Street location a little sooner than expected, our commitment to serving the Aberdeen community remains steadfast at our fantastic new Union Square store."
Translation: Sorry not sorry, but hey – we've got this shiny new place across town!
He continued with the usual corporate speak about "great quality" and "trusted value" before mentioning their "expanded food hall" with "an even wider range of delicious products to enjoy."
Listen. I get it. Businesses need to make money. But there's something particularly heartbreaking about losing a store that's been part of our city's fabric since before World War II ended.
Locals Left in the Dust
I spent about 45 minutes yesterday scrolling through the reactions on Facebook. Gut-wrenching stuff.
"Aberdeen has totally lost it's sparkle it is so sad it was once a nice vibrant place but not anymore," wrote one person, capturing what so many of us feel.
Another longtime Aberdonian who moved away four decades ago commented: "That's super sad. I loved Markies. Left Aberdeen 40 years ago and I've never been in the new store but I loved Markies in St Nicholas Street."
Perhaps most telling was this simple, brutal assessment: "Aberdeen is a ghost town now."
Ouch.
The Great M&S Reshuffling
This closure isn't happening in isolation. M&S is currently in the middle of a massive UK-wide transformation of its store portfolio. They're pumping about £90 million into London alone – opening six new locations and renovating 11 existing shops. The first of these fancy refurbished stores opened in Clapham South at the end of April.
And that's on top of another £30 million they already invested in their London stores last year. (Anyone else noticing a pattern here?)
Up north, they're investing £50 million to open five new stores and renovate three in the North West of England, with new locations planned for Liverpool and Lancashire.
So Aberdeen loses while London gains. Tale as old as time in British retail, innit?
The Retail Apocalypse Continues...
I was chatting with my mate who works in commercial property last week over a pint. His assessment? "2025 is going to be brutal for high streets."
The numbers back him up. According to the Centre for Retail Research, larger chains shut 2,138 shops last year, while a staggering 11,341 independent stores closed their doors for good.
Their prediction for 2025? A total of 17,350 shop closures. They're blaming it on increases in employer National Insurance contributions and the rising national minimum wage.
And now retailers like M&S and Greggs are warning that product prices will have to increase to offset these additional costs.
I paid £4.75 for a sandwich at M&S last week. How much higher can these prices possibly go?
The Emotional Cost
What bothers me most isn't just losing another shop – it's losing a piece of our city's history. My grandmother used to take me to that M&S for lunch in the cafe upstairs when I was a kid in the 90s. We'd always get the same thing: cheese toasties and those little cups of chocolate cornflake clusters for dessert.
Now it's just... gone.
At least we still have the Union Square location. But it's not the same, is it? It lacks the character, the history, the soul of the St Nicholas Street store.
Aberdeen deserves better than this.
Frequently Asked Questions
What is the role of central banks in the economy?
Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
How can I improve my credit score?
To improve your credit score, make timely payments on all debts, reduce credit card balances, avoid opening unnecessary credit accounts, and regularly check your credit report for errors, disputing any inaccuracies. Maintaining a mix of credit types and keeping old accounts open can also be beneficial.
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What is the importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
Statistics
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
External Links
How To
How To Understand and Use Credit Cards Wisely
Understanding credit cards involves knowing how they work, including interest rates, fees, and benefits. Choose a credit card that aligns with your spending habits, whether for rewards, cash back, or low interest. Always pay your balance in full each month to avoid interest charges and maintain a good credit score. Use your card for regular expenses to build credit but avoid overspending; stick to your budget. Regularly check your statements for errors and fraudulent charges. Finally, understand the terms of your card, including rewards expiration and annual fees, to maximize benefits while minimizing costs.
PoliticsRoyaltySoap OperaGamingMoneyPrivacy PolicyTerms And Conditions
