While Marks & Spencer, the bellwether of Britain's retail industry, hopes to tempt customers to return by slashing prices by 20 per cent for today only, Woolworths was said to be trying to sell itself for the nominal sum of one pound, less than the price of one of its legendary bags of sweets.

Since the American Frank Woolworth opened a store in Liverpool in the 1900s, his chain's bold red and white shop frontages have been a fixture of the British high street. Now the global downturn, triggered by the actions of reckless banks in Woolworth's own country, threatens to accomplish what two World Wars failed to do and force the chain
to close its doors for a final time.

It's confirmation that Britain's retail industry faces a winter of discontent which could see the consumer spending freeze last well beyond the spring frosts.

The other major chains in this country will have to learn from the pain suffered by Woolworths and M&S and cut their cloth accordingly. They should brace themselves for one of the worst Christmases in decades while people who work in their stores will naturally fear for their jobs.

The fallout from the economic decline is inescapable, with the value of Sheffield Meadowhall shopping centre falling by more than seven per cent to £1.4bn and British Land, its parent company, yesterday saying the worth of its property portfolio had slumped by nearly 11 per cent.

A combination of the credit crunch, rising household expenses forcing down shoppers' spending and the costs and taxes facing businesses have created a near-perfect storm for high street firms. Added to this is an unjust tax on empty buildings that should be scrapped across the country, not just in Labour's north-eastern heartland, as Nick Brown suggested.

The situation is bleak for traders large and small but for shoppers, however,
there is some hope. They can look forward to a long winter of discounts.