WHO would want to be a High Street retailer these days?

All around, competitors are complaining about a sudden slowdown in sales over the last couple of weeks although most are whistling bravely to keep their spirits up. They say that no trend should be based upon such a short period.

Laura Ashley was also complaining that customers have become so accustomed to sales that they are increasingly reluctant to pay full price - hence the decline of 19% in recent same store turnover.

But in investment terms, there is light ahead if the pattern of the previous economic downturn is repeated.

It is now almost certain that UK short-term interest rates have peaked and, unlike the 1990-92 recession, personal debt is much less of a burden.

That gives the optimists grounds for supposing there could be a soft landing, even if the IMF forecasts for the UK economy are not what Chancellor Gordon Brown

wishes to hear.

There is the point that general retailers' share prices anticipate the downturn well before it happens and then begin recovery when things seem at their

blackest.

However, apart from one or two niche players, it is the large companies which are the more attractive as they tend to have a wide spread of activities.

It is also fair to point out that majors such as Marks & Spencer, and to a lesser extent Boots, Kingfisher, and Tesco in the food sector, are seeing current year profitability restrained by investment in strategic

overseas expansion.

The food retailers should see their shares holding up well compared to general retailers on the basis that their turnover - and profits - tend to fare better in difficult times.

However, the OFT report on supermarket pricing due in December could be damaging to sentiment and so undermine their defensive qualities.

And when the economy does turn up again, the grocers are left behind as pent-up spending

benefits the ''generalists''.

However, that is a long way off.