Blog

Cambridge feels the downturn

Geoff Riley

16th February 2009

A quick stroll around the environs of Market Square, a setting that I have known and loved for over a quarter of a century, illustrates the changing face of the high street as the recession deepens. The Vodafone store where I bought my Blackberry last year has gone. Cambridge University Press, having announced a large number of redundancies, has opened a store where hard back academic books can be taken away for less than £2 each (max 20 books per customer!).

Ringtons the specialist tea maker and distributor which opened up a new store on a fashionable high street has disappeared in less than a year. There are plenty of other stores plastered with closing down signs and posters advertising deep discounts of seventy per cent or more.

But a ray of hope among the gloom…....

The market stall selling ostrich meat was doing a roaring trade when I visited it on Sunday morning. Bisbrooke Ostrich Farm is based in Rutland, Leicestershire and from what I could tell at the weekend, their ostrich burgers at a very reasonable £2.50 are proving quite a hit! Their continued success contrasts starkly with the sad closure of the Rington’s retail store (I admit that I have a love of fresh tea leaves and was a little distressed to find the store had gone!) where the rental costs will be sigificantly higher than a pitch within a busy and bustling market place.

Farmers’ Markets became in vogue a few years ago and I wonder if they have passed the peak of their popularity? Will the recession lead to a stampede towards the heavy discounts on meat products offered by the supermarket giants?

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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