If all companies approached the looming downturn in the same way as Carphone Warehouse, the outlook for the economy might be slightly less grim.

Not that Charles Dunstone is complacent about what is in store. On the contrary, he has been more gloomy than most over the past few months and his share price has taken a pummelling every time he has opened his mouth. Like other retailers, he says that consumer behaviour has been extremely volatile in recent weeks and he frankly does not have a clue what is going to happen at Christmas.

But he sees opportunities as well as challenges. He is determined to continue to invest. And he is convinced his company will be one of the winners.

To be fair, he is in a better position than many - not least because the sale of half the retailing business to Best Buy has left the group with little debt. But he is still remarkably upbeat for a man whose paper fortune has fallen by about £750 million over the past year.

Last week Best Buy reported “seismic changes” in consumer behaviour in the US. But the joint venture’s plan to roll out new megastores in Europe is going full steam ahead.

Mr Dunstone points out that the downturn has lowered rents, making this a good time to strike deals.

Far from adding to the roll call of job cut announcements in recent days, Carphone is planning to take on staff in the Britain. The group’s new megastores, four or five of which are planned for the second half of next year, will mean 750 to 1,000 new jobs. And Mr Dunstone plans to create 200 to 300 jobs in the next six months by bringing call centre operations back to the UK from India.

Nor are existing staff taking all the pain. The company has abolished commission-based sales in the stores and increased salaries instead. Mr Dunstone predicts rivals will be doing the reverse “to squeeze the last bit of juice from the lemon”.

He is also anxious to avoid accusations of Scrooge-like behaviour towards customers so has instructed his team to find ways to reduce the burden of broadband bills for those customers in difficulty. Mr Dunstone has even brought some potential cheer for that underclass that has suffered so much in recent months – investment bankers. Not that the fees from the possible demerger will come in time for this Christmas, or perhaps even next.

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