Sir Stuart Rose, executive chairman of Marks & Spencer (M&S), said yesterday that harder times are to come for retailers during worsening financial conditions.
Rose warned margins will continue to be squeezed throughout the year as shoppers become reluctant to spend any more money than they have to.
Following the retailer’s announcement that M&S will close 27 stores, he told Sky News: “We actually had a record ten days to Christmas and took more money in one day than we had ever taken.
“Our total sales over the Christmas period were actually 1% down. Now the like-for-like was down by something just under 5% … in the UK.”
Rose’s comments came after TNS said grocery retailers are becoming increasingly defensive in the current climate.
He added that a process is being undertaken to find the person who will replace him when he leaves his position.
Yesterday Tesco reported its Christmas set of sales figures, seeing growth of 2.5%. This was its lowest growth level since the early 90s.
