Sales dropped 0.5% at John Lewis last week an improvement on the 8.3 per cent fall a week earlier.

Retail property is a serious issue at the moment with the downturn causing valuations to decline dramatically and very few contracts actually being exchanged.

With his face plastered on the front of his Budgens store in Crouch End, north London, there is no doubt that Andrew Thornton likes to stand out from the crowd.By Glynn Davis

The world economy is decelerating quickly buffeted by an extraordinary financial shock and by still-high energy and commodity prices and many advanced economies are close to or moving into recession, the IMF says in its latest World Economic Outlook (WEO).

Sir Alan Sugar acquired a near-4pc stake in Woolworths.

Insurer Coface has withdrawn cover for suppliers to several Baugur-backed retailers according to The Times.