Arcadia owner Sir Philip Green is cautious about trading in the final quarter of 2009 and is concerned about how shoppers will react to price increases this autumn.
Speaking at the Fashion Retail Academy Awards, which were held in central London this morning, Green said that while the sun had boosted sales of summer product in the UK, he remained concerned about the final quarter of the year.
“I haven’t seen anyone in New York running around in the nude yet.”
Sir Philip Green, owner, Arcadia
Green said: “The final quarter is a big unknown because of currency issues, VAT and extra costs.”
Green added that clothing price increases were also of concern, especially as consumer confidence remained fragile.
Green said: “You can’t not be worried about unemployment but everyone makes [runs their] business accordingly - just know your customer and run the business well.”
However Green said that sales at Topshop in New York, which opened in April, were “still good” and that USshoppers were still buying clothes.
Green said: “I haven’t seen anyone in New York running around in the nude yet.”
Green was speaking at the awards for the Fashion Retail Academy, which he founded. The awards recognised the best students at on the academy’s courses.
The eveny was also attended by Marks & Spencer chairman Sir Stuart Rose and Tesco chief executive of clothing and hard lines Terry Green.