Billionaire entrepreneur Philip Green told retailers there were no acquisitions on his radar as he warned the sector would see little growth this year.
Speaking at the Retail Week Conference in London, Mr Green said trading conditions on the high street had worsened since his £9.1bn campaign to land Marks & Spencer failed last year.
With growth in the retail sector likely to be flat over the next six to nine months, Mr Green said there was no need to take a risk by bidding for a rival.
He said: "There is nothing at the moment of any scale that we will buy."
Mr Green said the reporting season for retailers over the next eight weeks would underline the difficulties facing the sector, which has been hit by poor weather this year and a slowdown in consumer spending.
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