Retailer John Lewis has become the latest company to warn that trading conditions are getting tough, joining Woolworths which this morning blamed its financial performance on the economy in general.
Once again I find myself faintly relieced that a high-profile but upmarket organisation is feeling a little pain. Not that I'd wish poor results on anyone, but in an economy which has for so long been so buoyed by consumer borrowing if people are spending less on luxuries then this is a necessary pain. It's no use blaming the public if they've listened to some very sensible warnings. John Lewis says it's the worst it's been for 15 years; this is almost certainly true, but then it was about 15 years ago that the credit boom really got moving.
Traders will almost certainly find they're about to go through tough times - but would it be too much to hope that at the end of it their consumers will be spending money they have rather than cash they believe will come to them eventually?
