Everything-Desperate-shops-slash-prices-90-desperate-battle-survive It appears Woolies will the first of many - as the consumer is forced to correct his/her habits to live within their means. Unfortunately this unwinding has great implications - as retail jobs and associated manufacturing/production economy jobs are lost. Which in term decreases retail demand [for impact see above] and increases the defaults on mortgages and unsecured credits - instigating another round of bank loses - who in term need to force liquidate further assets and contract investment [ if they survive!!! ]
This unwinding is going to have significant impact upon the nature of our cities, towns .neighbourhoods and villages - the pseudo public realm and pseudo community function played by the retail sector is going to diminish significantly - with the associated 2nd and 3rd order impact.
This correction is significant....unfortunately the transition will be very painful for us all.