High-Street Fashion
High-street store Next will not be cutting prices like some of its rivals, it was revealed yesterday.
According to The Times, chief executive Simon Wolfson insisted that the chain would continue selling items at full price, regardless of current trading conditions.
He added that they would still hold their two seasonal sales, however but wouldn't be sucked into slashing prices.
Wolfson also forecasted that the weak pound would soon start to push prices up on the high-street, perhaps signaling an end to cheap fashion.
Mr Wolfson said that Next were being realistic about its targets for the year ahead, and wouldn't allow themselves to be forced to follow its rivals into price-cutting.
He said: "We think the first half [to July] is going to be particularly difficult. Where I think we have to be concerned is the risk of inflation. With VAT and business rates going up and after the fall in the pound, there’s a risk of vigorous inflation.
"We have been preparing for this downturn. The result is that we have repositioned the brand and brought it back to what it should be and we are happier with the range we have than we were two years ago.
"You have to say that being at the top end of the mass market is not a comfortable place to be in a recession," reports The Times.