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Bleak outlook for highstreet

12.06.08

The value of several high street stores plunged yesterday after broker Citigroup urged investors to sell their shares, but W H Smith and HMV are among those expected to weather the troubles, reports the Daily Record.

Citigroup spoke of a "brutal slowdown" in consumer spending and warned it would hit the sector even harder next year and could last beyond 2010. DIY firms also bore the brunt of the forecast, with Home Retail Group - who own Homebase and Argos - and B&Q parent Kingfisher both cut to "sell".

A spokesman for Citigroup said gloom in the housing market had already spread to stores. Falls in property prices, they added, would prevent consumers spending.

But companies, including such as WH Smith, Halfords, HMV and Marks & Spencer were raised to "buy".

Daily Record

Retail W H Smith HMV

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