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Highlights: Sir Philip Green's interview on BBC2

Sir Philip Green warned that inflation was “inevitable” and that the economy would continue “bumping along” in its current state unless banks started to open their doors to lending in an interview on BBC2’s Working Lunch programme this lunchtime.

Sir Philip Green, who owns Arcadia and Bhs, said that while trade had been more settled recently, businesses were still not being funded properly, which would not help the country lift itself out of the recession.

“Our buyers are very happy to see people. The climate shouldn’t make any difference to that. I’m not suggesting its easy and you do have to persevere to get product in front of buyers.”

Sir Philip Green’s message to suppliers

He told Working Lunch presenter Declan Curry: ”Businesses are not being funded properly. Unless the banking sector starts doing business we are going to continue bumping along where we are.”

He added that people “were dreaming” if they didn’t think there will be inflation coming through to non-food sectors of retail soon. “We’ve seen it in food. There will be inflation in other product categories.”

He said: “There is still underlying cost growth and there is not a retailer that won’t have to increase prices,” adding, “The single biggest factor across the whole retail sector is what happens to VAT.”

Green went on to say that the trading picture before Christmas had looked like “Armageddon” but that there were now there pockets of customers, particularly those on tracker mortgages, who had more disposable income, resulting in the current more settled period.

Suppliers

Separately Green urged suppliers to make a concerted effort to get “their foot in the door” during the downturn and that the economic climate shouldn’t make any difference to how retailers treat new opportunities that are presented to them.

He said: “We’ve got a flexible approach. From my point of view we are happy to see people. Part of our business is developing new [suppliers].”

“Our buyers are very happy to see people. The climate shouldn’t make any difference to that. I’m not suggesting its easy and you do have to persevere to get product in front of buyers.”

Watch the interview here.

 

 

Readers' comments (4)

  • To whom it may concern ,
    We are very surprised to hear that Arcadia Group buyers are willing to see the new suppliers as we have been turned away just last week for the 5th time by DP / Miss Selfridge / Topshop buyers. Their excuse is a very simple sentence: " We are streamlining our suppliers so we don;t want to see you . Ring us in 6 months time " .
    Probably Sir Green is not awar of this attitude of the buyers . We , as the suppliers , would really appreciate if he could look into this situation as we feel that it is really unfair to make such a comment on national tv while the reality is different .

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  • Leon Bailey Green

    @Anonymous (3.14pm) - To be fair he did say "you do have to persevere to get product in front of buyers".

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  • Dave K

    for those who want to catch the interview it can be seen here on the bbc site http://news.bbc.co.uk/1/hi/business/8093477.stm

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  • Dave K

    bbc link

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