Woolworths Liverpool

[gerry_2]

What a great picture of Church St in its hayday. Pitty it was'nt in smellyvision to get the aroma of the coffee roasting at Coopers.

[Kev]

IT IS one of the most familiar fixtures on Britain's high streets. Woolworths, the famous "pick'n' mix" retailer, has been a household name for almost 100 years.

But it is now set to become the industry's most high-profile casualty of the economic downturn after it emerged that its 815 stores could be sold off for just ?1.

Woolworths, which has about ?295 million worth of debts, has entered takeover talks which could see its retail division sold for a nominal sum to Hilco, a firm specialising in takeovers of distressed companies.

Retail industry sources say other household names, including MFI, BHS, JJB Sports and WH Smith could all be vulnerable to takeovers in the next few months. Experts believe that retailers hit by the dramatic downturn in the housing market are likely to be most vulnerable.

One analyst, who asked not to be identified, said: "Woolworths could only be the first name. Retailers who have not been performing well over the last year will really start to feel an impact over the next few months.

"Competition will be fierce and companies with large debts will be the most vulnerable to these kind of fire-sales."

The prospect of the sell-off of the retail icon, which employs more than 30,000 people across the UK, has highlighted how vulnerable even big-name chains are to sudden takeover.

Woolworths shares slumped by a third yesterday, leaving the company with a valuation of about ?37 million, in the wake of the proposed deal emerging. The company's shares have plummeted by 83 per cent in the last year alone.

As major retailers BHS, Marks and Spencer and Debenhams launched pre-Christmas sales, household names were warned they should brace themselves for a "horrible time" ahead.

H&M, Next and Marks and Spencer have all reported steep falls in sales this month.

It emerged earlier this week that Scotland had suffered the biggest drop in non-food sales in eight years.

Financial analyst Freddie George, of Seymour Pierce, said the M&S sale was a "clear sign that sales are well behind budget" as retailers entered the crunch Christmas period.

He said that consumers appeared to be delaying their Christmas shopping, hoping to catch bargains as shops increased sales.

"Christmas 2008 has the feel of being the worst retailing Christmas for many years ? more for the higher level of discount activity," he said.

Woolworths has increasingly struggled to cope with growing competition from high street music store rivals, supermarkets and the internet. The company, which saw off an earlier attempted takeover bid of ?50 million in August, revealed last night that it was in talks.

A spokesman said: "The board of Woolworths can confirm it is in preliminary discussions regarding a possible offer for the retail business. There can be no assurance that any offer will be forthcoming."

Hilco is best known in the UK for buying up the debt of Allders before placing the department store chain into administration. It is thought to be eyeing a number of ailing UK retailers.

Paul McGowan, UK chief executive of Hilco, the US retail restructuring specialist, admitted the company was in "very early stage" talks with Woolworths, with reports claiming the proposed deal is centred on all of the firm's stores across the UK being sold for a nominal sum.

The deal is expected to focus on how much debt Hilco, which acquired the fashion chain MK One this year and subsequently placed it into administration, is prepared to take on. It will also have to negotiate responsibility for Woolworths' estimated ?100 million pension fund deficit.

Financial analyst Bryan Johnston, of Bell Lawrie, said Woolworths had been vulnerable for some time.

"The main problem at the moment is the size of its retail operation and the amount of stock it is holding," he said.

Sanjay Vidyarthi, an analyst at Dresdner Kleinwort, said the talks suggested the position of Woolworths "must be critical", given the retailer was gearing up for its busiest trading period of the year.

Richard Perks, the director of retail at analysts Mintel, said: "I don't think there's any doubt the retail industry is heading for a horrible time. We are heading into a recession, people are beginning to spend less and many established names are beginning to feel squeezed by the downturn."

Tim Green, a retail expert at analysts Brewin Dolphin, said: "The real problem for anyone looking at taking over Woolworths is the size of its debt. That has to be factored into the equation, along with its pensions deficit. It's not quite as simple as saying it is facing being taken over for ?1."

Only a few months ago, Woolworths rejected a takeover bid from Baugur, the Icelandic investment group, which already owns huge chunks of Britain's retail sector, but which has since run into its own financial troubles after the collapse of Iceland's banking system.

Store that was many people's cup of tea

AN AMERICAN, Frank W Woolworth, opened the first British Woolworths in Liverpool in November 1909.

He saw Liverpool as "the second city of the empire" and with its international port, it served as a good place to build the brand.

The first British store, which proudly claimed that nothing cost more than sixpence, was the start of Woolworths' reputation for cheap goods. It was an instant success, bringing in customers on a scale not seen before.

Mr Woolworth came from Pennsylvania, where the US wing was founded in 1878. He began offering American store managers the chance to open UK branches. By 1914 there were 40 stores, in most big cities in England and Ireland.

In the 1950s, stopping in for a cup of tea at the famed tearoom in the Princes Street Woolworths, opposite the Balmoral Hotel, was a quintessential Edinburgh activity.

Source: The Scotsman

[naked lilac]

Origin
The F.W. Woolworth Co. was among the first five-and-dime stores, which sold discounted general merchandise at fixed prices, usually five or ten cents, undercutting the prices of other local merchants. Woolworth's, as the stores popularly became known, was one of the first American retailers to put merchandise out for the shopping public to handle and select without the assistance of a sales clerk. Earlier retailers had kept all merchandise behind a counter, and customers presented the clerk with a list of items they wished to buy. After working in a dry goods store in Watertown, New York, Frank Winfield Woolworth opened his first Woolworth?s store in Utica, New York, in 1878, but the store failed within a year. However, a second store he opened on June 21, 1879 in Lancaster, Pennsylvania, became a success. Frank Woolworth brought his brother Charles Sumner Woolworth into the business, and together they opened more stores, often in partnership with other business associates. The Woolworth brothers also entered into partnerships with ?friendly rivals? to maximize inventory purchasing power for both parties.


[edit] Rise and expansion
In 1910, Frank Woolworth commissioned the construction of the Woolworth Building in New York City. This building was entirely paid for in cash. It was completed in 1913 and was the tallest building in the world until 1930. It also served as the company?s headquarters until it was sold by the F.W. Woolworth Company?s successor, the Venator Group, in 1998.

In 1999, Venator moved out of the Woolworth building in New York City to offices on 34th Street. On October 20, 2001, the company changed names again; this time, it took the name of its top retail performer and became Foot Locker, Inc. Foot Locker stores chiefly sell athletic clothing and footwear.


I used to love Woolworths in California, and sad to see the one in Pennylane, Liverpool in peril of going.. That was the last one I visited.. Quess, another memory for the World soon.. Sad...

[kevin]

Fond memories of Woolies from my childhood, but I reckon I haven't been in one for 20 years or more. No wonder they're in trouble.

[brian daley]

Quincyg, the photograph you posted,if you were a toddler when you could remember the buses, I can remember the trams.................what does that make me? It was a fantastic street though. I bought my fancy green striped jacket in C.&A's ,Coopers delicatessen was something else,that wonderful smoked hammy smell and the amazing variety of foods. My mother used to get me American corn cured bacon from there,oh god I can almost taste it now,sweet and crispy ,like no other bacon I have ever had since.Just across from Coopers was Hepworths,where I bought the most expensive suit that I had ever had up 'til that time. Dark blue three piece with a minute white stripe. Shawl collar waist coat and a four button jacket. Had it for 10 years or more,middle aged spread developed and I gave it to Oxfam. I wish I could afford one like it now. There was also a gents outfitters near the alleyway that led to the Cavern, I had some fantastic gear from there,I wish I could remember the name. A lot of the lads used to go there because that was the place for the Italian style suits. We were right peacocks in those days,the early 60's.
Thanks for the memories Quincy,
BrianD

[18stanley]

That picture gives the flavour! I remember visiting just before Christmas one
evening in the 30's - you could hardly get through the doors!
Stan H

[marky]

Clarks Shoes, Church Street, from a couple of months ago. This was the site of the first UK Woolworths. Edit: Clarks still occupies this building (April 2009)
This building is also mentioned in the Cinema thread...the canopy of the Tatler appears to be beneath the left-most arched window of the Clarks/Woolworth building.

Another old Woolworths building, London Road Arcade, seemed to be closed-down when I passed not long ago. Maybe it was getting refurbished.

[Ged]

Nice night shot Marky.

[lindylou]

Thanks Marky, good picture.

[marky]

The street-furniture around Church St is handy for resting a camera for night shots. A notable date for photographing this particular shop is 5th Nov. 2009, which will be 100 years after it opened as Woolworths (for viewing only)

[dazza]

Location of the 1st. UK Woolworth's in Church Street, Liverpool - opened 5th Nov. 1909, [They needn't have supplied the fireworks, but they did.]

The present day building is still standing and can be viewed here on post#52 [It's the Clarke's Shoes building]. The history of the building is highlighted on the attachments below in some early 1900 images and a 1848 map. Woolies moved across the street to 'Keys Court' building [site of St. Peter's] after 1939 [I think?].

Images: I would recommend doing a "Save As" first and then viewing - unless you can zoom-in on screen, to see the detail?

D.

[Ged]

[pablo42]

Nice one Dazza.

[dazza]

Thanks Ged and pablo,

Images resized.

D.

[Kev]

Excellent Daz, wow