M&S boss sees retail sales hike next year
By Mark Potter |
October 26, 2010, Tuesday
|
Print Edition
Print Edition
STUART Rose, chairman of bellwether British retailer Marks & Spencer, says consumers can cope with government spending cuts and retail sales will grow next year, even though trading will be tough.
"I believe that consumers want clarity and what the Chancellor of the Exchequer did last week was give consumers absolute clarity about what to expect," Rose told reporters on the sidelines of the World Retail Congress in Berlin, Germany, when asked about last week's package of cuts to rein in British government borrowing.
"With clarity comes, I think, more confidence."
Rose brushed off recent data showing a drop in British retail sales and consumer confidence, saying this was partly due to uncertainty over the government spending review and to less favorable weather for retailers than last year.
He said the key Christmas trading period would be "hard fought, but ... OK" and retail sales would grow next year.
"I believe that consumers want clarity and what the Chancellor of the Exchequer did last week was give consumers absolute clarity about what to expect," Rose told reporters on the sidelines of the World Retail Congress in Berlin, Germany, when asked about last week's package of cuts to rein in British government borrowing.
"With clarity comes, I think, more confidence."
Rose brushed off recent data showing a drop in British retail sales and consumer confidence, saying this was partly due to uncertainty over the government spending review and to less favorable weather for retailers than last year.
He said the key Christmas trading period would be "hard fought, but ... OK" and retail sales would grow next year.
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