'Value doesn't mean cheap' says TRU CEO

Speaking about consumer decisions over Christmas presents, Storch said: "What we see in this environment is that parents want value, that's clear. But value doesn't mean cheap.

"We abhor and we resist the rush to the cheap. It is contrary to everything we stand for and it's not what parents say they want."

The retail boss said that the median price of items sold in his chain is 'not even a penny' lower than last year. And as evidence of the strength of toy sales, Storch sites Lego's sales growth over the last year.

He said: "Peaple are buying Lego with significant increased velocity because they perceive great value; because it's a good price for a great long-lasting, high quality product."

To read the full interview, please click here.