There’s no doubt that 2011 is shaping up to be a somewhat punishing year for retailers and store stocks have consequently been under pressure.

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There’s no doubt that 2011 is shaping up to be a somewhat punishing year for retailers and store stocks have consequently been under pressure.

But if, as Next boss Simon Wolfson argues, this year “retail will feel like walking up the down escalator”, public companies look better placed than many of their private counterparts at least to stand still or even go against the general direction of travel.

A few years back, at the height of the private equity feeding frenzy, much was made of the agility that private status enabled. But at present it looks as if, fleet-footed as such firms may often be, speed of adaptation has often been lacking. While they were quick to react to perceived inefficiencies, some have been notably weak strategically compared with their listed peers.

So while New Look flails and TJ Hughes passes to a new owner that specialises in turnarounds, quoted warhorses such as Next and Kingfisher look well prepared and positioned to weather storms.

Self-help, the management mantra so often repeated at the height of the recession, is now coming into its own. Public company directors picked up the best of the private equity mindset such as a keen focus on return on capital but simultaneously planned for the future rather than for an exit.

It may be a tough year for all but, despite some high-profile exceptions, the best of the public companies may yet surprise on the upside.

Wise web buys for Leahy and Rose

Fascinating that Sir Terry Leahy and Sir Stuart Rose’s first investments since standing down from Tesco and Marks & Spencer have both been in online businesses.

It’s surely a sign of things to come when the one-time masters of the bricks-and-mortar high street are putting their personal cash into the digital one.

Follow George on Twitter at twitter.com/GeorgeMacD