The latest results from two low-cost UK food and drink mainstays, bakery chain Greggs and pub company JD Wetherspoon, show that falling consumer confidence and spending have left no part of the high street untouched.
Shares in Greggs fell by almost a fifth on Wednesday after it warned on full-year profits, while Wetherspoon’s reported a sales slowdown.
Separate data from the British Retail Consortium showed a record slump in retail sales for April.
“No part of the high street appears to be immune from this downturn now,” said Darren Shirley, a retail analyst at Shore Capital. “Greggs is represented across the country, and from what they are saying there is a slowdown across the board.”
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