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George Davies predicts more high street casualties

George Davies, founder of George at Asda and Marks & Spencer's Per Una collection, has predicted more casualties on the high street.

According to The Birmingham Post, Davies said that retailers were facing "the roughest conditions we have ever faced".

Speaking at a lecture at the University of Birmingham, Davies said he believed more retailers would go under, particularly those with fragile balance sheets, as consumers cut spending in the wake of the global economic crisis.

"Those businesses that are just breaking even, just getting by and are under-capitalised, those are the ones that are in danger. Everyone has to be prepared for the next 12 months to just get by," he said, according to the newspaper.

Mr Davies said that people were changing their shopping habits in anticipation of tougher times ahead and trading down to lower priced retailers.

"What we will see happen is that the sector of people who buy based on price will swell."

Davies, a former student at the university, delivered a lecture, "Creating the Brand", at the university's Birmingham Business School.

Readers' comments (1)

  • Im having my worst week ever, running at a loss every day and losing the will to live. Product is great, but nobody is even walking down our streets, footfall has dropped big time in the last ten days. Its the worst I have ever known it, lets just hope we all can survive.

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