Retail guru Phil Wrigley believes there is an excess of retailers on the UK high street.

Speaking at The World Retail Congress in Barcelona today (7 May), the chairman of bargain fashion chain New Look foresees further restructuring owing to the excessive over-supply.

He said that while retail spend in the country is topping 3% growth, retail space is expanding by 9% at the same time.

Wrigley said he had seen similar traits in the other 20 countries New Look operates in, meaning global retailers need to be more customer-centric than ever.

"It is good news for consumers because they are truly in control more than they have been before" he said.

Meanwhile, New Look has been boosted by recession-hit consumers trading down, with its clothing typically 30-40% cheaper than average apparel purchases, Wrigley said.

He added: "We have been lucky because in a recession there is a flight to value."