I think the high street carnage is being over played. Woolworths and MFI going into administration have got nothing to do with the current financial climate but are the result of years of poor management and just being rubbish basically. Zavvi going bang is a result of big changes in the way people buy their music and endemic of the fact that there only ever seems to be room for one large music chain in the UK - HMV. It has also been greatly exacerbated by the trading difficulties caused by the demise of Woolworths whose Entertainment UK arm was Zavvi's supplier.
Yes, there will be more changes over the next few months and some companies will more than likely fall into administration, but those with decent business potential are likely to be bought and restructured so that they can be developed into profitable businesses again. All it requires is some level headed management, adaptability, and control of costs, combined with well presented stores selling things that people actually want to buy with good customer service and at reasonable prices. Sounds like a lot, but it really isn't, and those companies that can adapt to the quickly changing landscape of retail will flourish I am sure.
What makes me sad is the number of people who have lost their jobs recently and who are facing a touch time gaining new employment.