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"Fenwick, the 134-year-old upmarket [Brent Cross] department-store chain, handed its family owners another £4.8m dividend last year, despite the company warning about the health of the British retail market.
"The business, which is chaired by Mark Fenwick – the former manager of pop bands Roxy Music and T. Rex – reported a 1.2pc lift in sales to £431.7m.
"... Mr Fenwick, a fifth-generation member of the retail dynasy [sic], said:
"Despite the better economic headlines in the UK during 2015, the retail sector continues to be extremely challenging. Digitally-empowered consumers are driving major structural change in the sector, while excess retail capacity is resulting in frequent discounting, price deflation and margin erosion.
Total discretionary spend is also reducing and within this, digital and service-based experiences are taking an increasing share of disposable income."
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