"If I look at the things that are of comfort, I think the strength of employment and employment opportunities in the UK is one of the things that is likely to moderate the effect of the fact that prices are rising faster than wages," Next CEO Simon Wolfson told Reuters.
He said the UK's current recession was very different to recessions in the 1970s, 1980s and 1990s, which were structural rather than supply side led.
"The nature of this recession is that almost all sectors are being affected and there's no one sector or region particularly suffering more than the others," he said.
He said this meant there were opportunities for people who do lose their jobs to find alternative work.
Wolfson was speaking after Next updated on Christmas trading.
(Reporting by James Davey, Editing by Paul Sandle)
