Retailers, consumers and prices
Check Out Line: World Cup lifts U.K. retailers
Check out how soccer fever is boosting John Lewis results.
Soccer/football mania is about to strike worldwide as the World Cup tournament gets underway in South Africa on Friday, and retailers are already reaping the benefits.
U.K. chain John Lewis reported yet another week of strong sales gains, helped by British fans shelling out their hard earned pounds on new flat screen televisions to watch every penalty kick, ever save with as clear a view as possible. Business was so good that the retailer reported sales rose 20.5 percent in the week ended June 5.
Of course, with the U.K. economy in tatters, retailers there are hoping the home squad goes far (though a finale with the U.K. team could cause power outages there.)
“The football World Cup always tends to have some upward impact on retail sales and this is liable to be magnified the better that England do,” said Howard Archer, chief economist at IHS Global Insight.
The U.K.’s first game is against the United States on Saturday.