Thursday, July 3, 2008
This is not just any slump, this is an M&S slump. It is a risotto recession and a Starbucks slowdown. The credit crunch has just landed foursquare in the front garden. Listen to Sir Stuart Rose of Marks & Spencer, who says families are giving up "fripperies" when they shop in his stores. Listen to Andy Clarke, retail director at Asda, who has seen his car parks filled with "expensive metal" as well-off customers desert Waitrose.