April 30, 2008
Property slump affecting business
It would seem that the world wide property slump is not just having an affect on the value of property, but according to some companies it is actually having a serious affect of business which means that there could be even more problems building, should this crisis continue.
One such company who are feeling the pinch is coffee house giant, Starbucks. They are reporting a definite downturn in business in the States, which could be repeated over here too, when the figures are released.
Starbucks have already cut the projected forecasts for the 2008 profits, which in turn have affected the companies share price; they fell by around twelve per cent after the announcement. But if this is the first level of consumer spending, it is likely that other retailers will be also feeling the financial pressure of the property crisis too.
Source [BBC News]
http://news.bbc.co.uk/1/hi/business/7364235.stm
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