Now that's interesting. Independents have gained market share in womenswear against the multiples. According to exclusive figures given to Drapers by retail research firm TNS Worldpanel, independents now command 7.5% of the womenswear market, up from 6.7% this time last year (see page 10 for details).
"It was the best of times, it was the worst of times". So goes the opening line of Charles Dickens' novel A Tale of Two Cities. Someone quoted it to me last week to underline the point that in a recession there lies turmoil for some but great opportunity for others.
I have been perplexed by some reports in the national press in recent days that have questioned the sanity of Westfield opening its £1.6 billion behemoth of a shopping mall in White City, west London, just as the UK teeters on the brink of a recession.
It is a sign of the times when a drop in like-for-like sales is considered to be a solid performance but Arcadia Group's 2.8% drop in the year to August 30 is just that.
