In an interview today with the CEO of a well known business information product vendor, the CEO confirmed that his firm’s sales were down quite a bit: primarily as a result of the loss of the buying power of financial service firms such as Lehman and other Wall Street companies.
He also mused that the Thomson Corporation, which really relies on the financial services industry as clients for its products and services must be feeling this downturn acutely.
This all makes me wonder what the impact of the recession and the collapse of the Wall Street financial services industries have on the information industry as a whole?
RSS Feeds
Having lived through a few of both, recessions remind me of bushfires. Both cut back growth and even destroy some life, but when they have passed, there is re-growth of the old and some new growth too. In the recession of the late 80’s I saw approx. 15% of the retailers in my industry go out of business, but it made the bulk of the survivors stronger and through necessity they developed better business habits and customer service. It also meant that there was opportunity for new retailers to join the industry when business returned to normal.
Comment by Burt Munro — November 15, 2008 @ 3:44 pm