Accountants , PriceWaterhouseCoopers are reported to have said "Britain was at risk of 'developing a phenomenon of grey malls" - a wasteland of closed, empty premises where successful business' once traded.
Champagne taste, but shandy money?LONDON (Reuters) - The economic downturn has given birth to a new type of clothes shopper who is switching out of high-end luxury goods and into cheaper designer equivalents, British department store chain Debenhams said Tuesday.
The "recessionista" is looking for the quality, durability and style of designer clothes, but with a "chicenomic" price tag in keeping with more straitened times, Debenhams said.
"The birth of the recessionista is evidence that more and more customers are looking for good value, great design and clothing that's built to last," Deputy Chief Executive Michael Sharp said in a statement, as Debenhams unveiled the spring/summer ranges for its "Designers at Debenhams" lines.
The ranges, by the likes of Jasper Conran, Betty Jackson, Matthew Williamson, John Rocha, Julien Macdonald and Ben di Lisi, achieved double-digit percentage sales growth in the run up to Christmas, the 219 year-old group said.
