Commercial news round-up: Black Friday, Just Eat, pharma investment, Bitcoin
updated on 30 November 2017
The now compulsory Black Friday frenzy provided lots of shoppers with (perceived) bargains this past week, but does it really make economic sense for retailers in the lucrative pre-Xmas shopping rush? Some resisted the urge to discount, claiming that the Black Friday phenomenon is “bonkers” and that it simply moves the traditional January sales period to November. For more on this, and other business stories, read on:
- Which? magazine has pointed out that Black Friday “deals” are not always what they seem, and that consumers should be wary. It cites evidence that in some stores, items have been the same price – if not cheaper – at other times of the year.
- Despite all of the above, buyers were not reluctant to splash the cash last weekend – with £1.4 billion spent online on Friday alone, an increase of over 11% compared to 2016.
- Takeaway-lovers’ favourite app Just Eat has been valued at £5.5 billion, as it enters the FTSE 100 list of the United Kingdom’s blue chip companies. Its valuation puts it at £500,000 more than high street favourite M&S.
- A welcome boost to the UK economy will take the form of investment by two of the world’s biggest pharma companies, Merck and Qiagen. The former will support a new operation in London, offering 950 jobs, and the latter is due to invest in a genomics and diagnostics campus in Manchester.
- The rise of Bitcoin continues apace, with its price hitting $11,000 – the highest it has ever been, and topping a year which has seen it rise tenfold in value. For those not sure exactly what Bitcoin is and why it is causing concern among the traditionalists, read this useful summary from the Independent.
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