High street cuts 'will continue'

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Fashion vendor USC became the latest casualty of the decline in consumer spending, following childrenswear chain Adams which has confirmed it had called in administrators.

The huge crowds which gathered for pre and post-Christmas sales made the high street look healthy but shoppers have only spent cautiously, according to the British Retail Consortium (BRC), and the last minute boost will not compensate for a bleak period for retailers.

Richard Dodd from the BRC said: "It's been a very busy few days, many of the sales started earlier this year than they have done before. We have seen sustained interest since Boxing Day.

"It's good news that lots of shoppers are out there, and that the sales and promotions that retailers are using are creating valid interest. But it will still prove to be the case when the figures are in that as a whole it has been a poor December."

This year's Christmas spending is expected to be lower than the same period in 2007 when figures are released next month.

As shoppers continue to worry about worsening economic conditions, retailers will be forced to continue to slash prices to maintain sufficient interest, Mr Dodd said.

He added: "People are going to go on being worried about the housing market and about jobs and personal finances. They will be reluctant to spend so retailers will have to go on reducing prices substantially."

Supermarket giant Asda has launched a £19 suit for the second year running to lure in cash strapped shoppers. After the recent reduction in VAT, the black, single-breasted men's suit will come in at £18.60 at the till.

But the high street's woes continued as Adams and USC joined a string of firms which have collapsed recently including Woolworths, MFI and Zavvi. Whittard of Chelsea and The Officers Club also called in administrators, but were sold on.