Our understanding of the ‘golden age’ of British retailing, during the period from the mid-1970s through to the mid-1990s, has centred around a discussion of the impact that rising retail concentration and a perceived increase in retailers' economic power have had on social welfare and competition policy. This increase in concentration and economic power is itself understood to have evolved from the defining feature of the golden age: a rapid increase in capital investment by large-scale retailers. The author examines the role played by capital investment in the golden age, and demonstrates that whilst capital investment is negatively correlated with turnover it is positively correlated both with margins and with market share. It is suggested that this relationship is significant as it provides evidence that the golden age of retailing did indeed lead to the rise in retailers' economic power which many authors feared was taking place.
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