The bosses of DFS, Selfridges and Majestic Wine told delegates that retailers should “stick to the knitting” and not abandon the principles of their business during the present dip in consumer spending.

Speaking at the final panel session of the Retail Week Conference, the chiefs said that now was not the time for retailers to change their product offer, pricing strategy or contemplate expanding abroad, but also stressed that tough times offered a great opportunity to turn the screws on competitors.

Majestic Wine chief executive Tim How, who announced his retirement this month, said: “We are going to perversely continue to drive our product upmarket. We are not going to stop that for a jot. If we can expand faster during a period when others are not, we will do that.”

Lord Kirkham, founder and boss of furniture retailer DFS, said it was a time for retailers to roll up their sleeves. “If there was ever a time to get your head down and do some hard work, it is now.” But he added: “If you do the right thing and continue doing the right thing, you will prosper.”

Selfridges chief executive Paul Kelly said that the landmark department store enjoyed a strong year of trading in 2007 and had not yet seen its well-heeled customers tightening their purse strings.

However, he stressed that Selfridges would not change its business model, particularly concerning potential international expansion. He said it has no plans to launch in the United Arab Emirates or risk the reputation of its brand by using franchise partners overseas.

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