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It has also caused a slump in consumer confidence.
"We are looking at this as a long-term investment in consumer confidence," Meeker said.
But Bolland also remains cautious: Despite some improvement in consumer confidence, market conditions remain challenging.
Yesterday's key data was the fall in consumer confidence in February.
Retailers struggled yesterday, perhaps a result of the slip in consumer confidence.
The first signs of a dip in consumer confidence have already emerged.
Unemployment has begun to decline, promoting an increase in consumer confidence.
The collapse in consumer confidence indicates that the retail sector will not support further growth.
"Our expectations," he added, "have been tempered by the weak economy and declines in consumer confidence".
The slight rise followed three consecutive monthly drops in consumer confidence.
Experts said the figures pointed to a rebound in consumer confidence.
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