LONDON | Mon Jun 27, 2011 - (Reuters) - Top executives from the consumer and retail industries joined Reuters reporters at the Consumer and Retail summit in New York and London. Here is a list of the top quotes from the first day of the event:

Andrew Higginson

ANDREW HIGGINSON, TESCO (TSCO.L) CHIEF EXECUTIVE RETAILING SERVICES, ON THE COMPANY'S MOVE INTO BANKING:

"It has been an incredibly difficult thing to do. I do not think there will be too many new competitors appearing, if our experience is anything to go by."

"You have to have some boundaries to what you define yourself as, and ours is 'Can we sell it to you'?"

IRA KALISH, DIRECTOR OF ECONOMICS AND CONSUMER BUSINESS AT DELOITTE ON THE RETAIL OUTLOOK:

"I think you might see a kind of bifurcated retail market here (the U.S.) where there will be strength in discount oriented retailers ... and also strength in upscale retailers. The retailers sort of stuck in the middle will be the ones who suffer."

"The UK has a problem and that is sort of a perfect storm of negative events: a fiscal contraction is having a negative impact, the relatively high inflation is tying the hands of the Bank of England so we are not seeing any monetary policy offset, and we have seen a substantial drop in real incomes.

"Just about every country in Europe is now also undergoing a fiscal contraction, especially Germany."

NATALIE BERG, CO-GLOBAL RESEARCH DIRECTOR AT PLANET RETAIL ON THE OUTLOOK:

"I think purse strings will remain firmly shut. Retailers are having to work really hard to create events and occasions for shoppers to really come out and spend."

"People are still crying out for value. They are happy to shout about bargains. Frugality has really become acceptable for a number of consumers. I do not think that was really the case, certainly in the United States, before the recession."

(Compiled by Mark Potter and James Davey)