Ask an economist what 2008 holds for the British high street and you will hear predictions of retail slowdown, credit crunch and the gathering storm clouds of recession. It will certainly be a make-or-break year for many. Dolcis, the shoe chain that got caught napping on trends, recently went into administration. But what is bad for the retailer could be good for the shopper: the high-street chains will have to try extra hard to grab a piece of our increasingly stretched income.

That doesn’t simply mean piling it high and selling it cheap, although Primark, Peacocks, George at Asda and F&F at Tesco do a brilliant job of that. As consumers, we have come to expect far more than just bargain prices. We want creative ideas, such as Mango’s link-up with the designer Osman Yousefzada on a chic new range of evening dresses (in store from March), or Gap’s shoe coup with its gorgeous new collection from the French footwear whizz Pierre Hardy. Topshop, too, has exciting capsule collections with the best of young British design talent, including Christopher Kane, Richard Nicholl and Marios Schwab.

We want hot-off-the-catwalk looks, and go to H&M and Zara for those. But we also want quality clothes that offer real solutions, such as the inexpensive but fashion-conscious tailoring at Cos, which is indispensable for office wear. And we demand service, too. From personal styling to internet shopping (check out New Look’s just-launched website), to ideas such as Coast’s new range of occasion shoes and shoe-dyeing service – great if you’re planning a wedding and have six bridesmaids in a special shade of pink. The best stores on the high street know they have to innovate to accumulate.

And there is nothing like a bit of competition to spice things up even more. A new player to the UK shopping scene is the American chain Banana Republic. It is owned by Gap, and stateside it’s known for its grown-up chic, high-quality basics and good tailoring. It also has tons of dependable LBDs and a good line in smart bags. The prices, at about £100 for a jacket, might not prompt a Primark-style stampede when it opens on Regent Street on March 20, but working women – who are underrepresented on the youth-oriented UK high street – may well take it to their hearts.

BEST BASICS: SHOPPING TIP

Look for quality fabrics, great cut and modern detailing. Best at Banana Repbulic for macs and trousers. Cos for tailoring. Try harder Next needs be more ambitious with its silhouettes

BEST DIRECTIONAL: SHOPPING TIP

Go to Zara for catwalk lookalikes; Topshop for designer link-ups and its brilliant Unique collection. Try harder Miss Selfridge. Good vintage stuff, but what about other trends

BEST ACCESSORIES: SHOPPING TIP

Go for bold statement pieces. It's all about confidence. Go to New Look for shoes, shades and jewellery; Dune for must-have toeless boots, Zara for bags and shoes

BEST DRESSES: SHOPPING TIP

Look for soft fabrics, great prints and retro shapes. Warehouse has gorgeous prints and silks. River Island is good for florals and tie-dye, Oasis for floaty pieces and French Connection for fresh evening looks

BEST BARGAIN: SHOPPING TIP

Peacocks and Matalan both have a keen eye for trends. Also check out George and Primark. Try harder We like the cashmere at F&F, but not the rest of the range. All brands should focus on qua

BEST DENIM: SHOPPING TIP

Gap has the best denim looks (the jumpsuit and the high-waisted flares) at high-street prices. River Island has lots of high-fashion cuts and washes.

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