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Leisure industry counts cost of England failure
England’s inability to qualify for Euro 2008 could mean total losses of £1bn for pub groups, retailers, bookies and broadcasters.
Pubs, clubs and off licences can no longer look forward to a repeat performance of last year’s World Cup, when the industry benefited from an estimated £250m boost in business due to England’s progress.
High street bookies look set to lose around £10m in revenue, but sports chains and kit manufacturers are expected to be the hardest hit. Last year Umbro’s England replica kit accounted for £32m of the company’s £56m annual turnover.
The shares of retailers Sports Direct and JJB Sports fell on the London Stock Exchange on Thursday, following England’s loss to Croatia on Wednesday.
Other retailers too are expected to feel the pinch – supermarkets benefited from an extra £120m a week in sales during last year’s World Cup, while electronic goods giant Currys claimed to be selling a flat screen every minute.
There will be some beneficiaries though: the high streets won’t be deserted during big matches next year and nightclubs won’t be hit by people suffering from beer fatigue by starting drinking too early.
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