More than 1,400 nonfood retailers in the UK will go out of business this year, according to a much-cited report from Experian. That would be an increase of 23 per cent from 2008 when 1,137 nonfood retailers went bust.
“The under 25s are five times more likely to increase their spending this year compared with those over 35,” The Times reports. It also quotes everyone’s favourite young-fashion retailer, ASOS chief exec Nick Robertson.
Clothing cataloguer Howies is cited by The Times as an example of a business that has long followed the “buy better, waste less” mentality that’s only going to become more prevalent in 2009.