By Neil Craven for The Mail on Sunday 21:52, 26 Aug 2017, updated 14:09, 27 Aug 2017
The retail sector has suffered a chill that has wiped billions from some of Britain’s top firms.
It comes amid fears consumers are threatening to cut their spending to cope with inflation rises, low wage increases and Brexit uncertainty.
In the past three months a total of £6 billion has been wiped off Marks & Spencer, Sainsbury’s, Dixons Carphone, B&Q owner Kingfisher and JD Sport.
<img id=”i-b5abd2923d0fae5″ class=”img-share” src=”http://i.dailymail.co.uk/i/pix/2017/08/26/16/1625BC37000005DC-0-image-a-2_1503763148075.jpg” width=”634″ height=”416″ alt=”Sainsbury’s is among several top high street firms to see their share price tumble over the past three months&nbsp;”/>
Sainsbury’s is among several top high street firms to see their share price tumble over the past three months
Debenhams, Mothercare and online electricals retailer AO World have suffered declines of around 20 per cent. Online firms Asos and Ocado fell 7 percent
Jobs are at risk too. Asda has begun consultation with more than 3,200 staff amid plans to close 18 stores.
Discount retailer Wilko has said 4,000 jobs are at risk – around a fifth of staff – as it restructures its management to cope with a ‘challenging retail landscape’.
Tesco, the UK’s biggest retailer, is cutting 1,200 head office staff.
Shadows of wider economic concerns are also looming. Inflation continues to rise faster than wage increases.
Meanwhile, last month GFK said consumer confidence has slumped to the level seen after the shock Brexit vote. Last week, Dixons Carphone shares tumbled 23 per cent, cutting its value by almost half since the start of summer.