Ratty will be fondly remembered by all

Recommended by a colleague as well-informed, friendly and unfailingly quotable, he was the perfect starting point for an education in stores and the City. In the years since, he remained a font of insight, always on hand to comment on the latest thrills and spills.

Ratty loved retail. He got the numbers, but his views were always underpinned by a deep understanding of industry dynamics and familiarity with the people involved. A vast contacts network – a tribute to the fondness and respect in which he was held – allowed him to delve behind official versions and get a sense of what was really going on.

He didn’t only speak to retailers; he knew their suppliers too. He didn’t analyse quoted companies in a vacuum, but was up to speed with their privately owned competitors. While the City became increasingly focused on big companies, Ratner always noted the tiddlers as well as the giants.

And his delight in following the sector was reflected in the inimitable style of his research. He peopled his notes with a cast that would not have been out of place in a comic novel. Characters such as the frites eater, Monsieur Vert, the fat controller, Roger Rabbit and the laughing Buddha became familiar soap opera figures. Ratty himself often featured, whether as the butt of self-deprecating jokes, military historian or retail proprietor in his own right – of an antiques shop in Dorking.

Store chiefs occasionally took exception to Ratty’s forthright – sometimes downright rude – comments, but the spats rarely lasted. He was too likeable to hold a grudge against.

The retail industry is jam-packed with colourful personalities and Ratty was one of the most prominent. He’ll be much-missed, but he’ll always be remembered with a smile.

Tesco’s brain-drain

Tesco director Dido Harding’s defection to Sainsbury’s was eye-catching. Only 39, she is regarded as one of retail’s brightest stars and is marked down as a future chief executive. Her move, following the departures of other Tesco chiefs, such as John Browett, will revive fears of a Tesco brain-drain.

But jitters are misplaced. Sir Terry Leahy could run Tesco for a long time yet if he chooses. Should he go, Tesco’s track record of smart recruitment should ensure that there will always be strength in the ranks to promote.