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Christmas retail period best 'for three or four years'

It is one the busiest weekends for retailers across Wales as thousands of shoppers rush to pick up last minute gifts for Christmas.

Chris Parry, a senior lecturer in Banking and Finance at the Cardiff School of Management, said it will be "the best year (for retailers) for three or four years".

"Smaller businesses have had two of three years where they've struggled tremendously.

"This Christmas is going to help them. It's going to save many of them from going out of business."

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Jeweller: Tonypandy 'turning into a ghost town'

South Wales Valleys jeweller Derek Davies is among those who has felt the effects of the retail sector's struggles. He has closed his jewellery shop in Tonypandy.

He told our reporter Rob Osborne that even if he was offered a shop in the town with no costs to pay, he wouldn't take it. He said the trading environment is so bad 'it's turning into a ghost town.'

Derek has a jewellery shop still open in nearby Treorchy Credit: Rob Osborne / ITV News Cymru Wales

Rhondda Cynon Taf Council says it 'remains committed to working with traders in all of our town centres in an effort to support various initiatives that have a positive effect on the local economy. Initiatives have included various events. This is particularly the case with Tonypandy itself.'

Painful period for UK high street

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Iceland bought out by the man who started it

Iceland retail boss Malcolm Walker today led a £1.45 billion deal to buy back the frozen food chain he founded more than 40 years ago.

The Flintshire-based business was bought back from its creditors, the collapsed Icelandic bank Landsbanki.

Mr Walker and his senior management team already held 23% of the business but will now have full operational and board control

I am utterly delighted that we have been able to conclude a deal that ensures a secure, independent future for this great British company.

– Malcolm Walker