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Displaying posts tagged 'economy'. Show all posts
Is the high street disappearing or migrating?
Jonathan Bowers, September 11th 2006, 10:30AM
This morning, the Metro free paper has emblazoned on its front page the title Internet 'killing off town stores'.
The story covers a new report on the slowing of high street spending and the increase in online sales. The average Internet shopper is now spending about £130 more per year than they did in 2002.
Firstly, I am quite surprised that online spend per person has only risen by 28% over etail's biggest growth years and secondly I'm not sure that the report takes into account those people who have migrated their business from the high street to the Internet because of the opportunities there.
The report doesn't integrate the 1.5m UK businesses online, a number which is rapidly increasing and suggests that before long our high streets will look like ghost towns.
In Manchester everywhere you can see redevelopment of residential and city areas. The spaces are being filled by different industries. While retail is moving online and competing more effectively there, the service industry is moving into our high streets and filling a very public demand.
I'd love to know figures on those businesses moving online from the high street and similarly, the proportion of retail versus service sector on the local high streets now. I think extra statistics are needed to validate a report like this.
The most virtual dollar ever spent - gaming pays
Jonathan Bowers, May 3rd 2006, 11:10AM
Imagine making money on a computer game and then going to a cash machine withdrawing that money and spending it on a real night out.
Project Entropia is blurring the boundaries between the real and virtual worlds by creating a cash card allowing its gamers to do just this.
But they don't get something for nothing. In December 2004, one gamer spent £13,700 buying an island on the games virtual planet Calypso. Within a year, he had made his money back by renting land and taxing miners and hunters! He can now withdraw the cash as his island continues to bring him revenue, yet his customers will never see anything real or tangible for their money.
More recently his purchase has been overshadowed by Jon Jacobs who spent £56,200 on a space resort that he plans to turn into a virtual night club selling music and video downloads.
These virtual entrepreneurs are a new breed of businessmen. But virtual profit translating into real money concerns me in some ways. What benefit is this new global economy having on our real economies?
Project Entropia alone made $165million in 2005 and plans to double this in 2006. Is this where the leisure industry is heading and is it a good thing?