High Street chains including M&S, Gap and Debenhams cut prices by up to 75% in battle for shoppers' wallets
Retailers have increased their discounts this week, with nearly three-quarters holding sales or promotions in a last-ditch attempt to attract shoppers.
The average discounts rose to 46% compared with 42% last week and 44% in the same week last year, according to the accountancy firm PwC. Of the 100 high-street retailers it monitors, 72% were advertising sales or promotions of some kind.
Marks & Spencer this week introduced 30% reductions on its knitwear as well as beauty items, nightwear and Per Una clothing. It has launched such pre-Christmas deals before, but this year's event will increase speculation that the retailer is failing to turn around it poor performance in its clothing division, a key part of chief executive Marc Bolland's plan.
Gap extended its discounts to up to 60% from 50% earlier in the week as the clothing chains do battle with hi-tech gadgets, such as tablet computers, for a share of shoppers' Christmas budgets.
Among others, Debenhams has a half-price sale on, Austin Reed is offering up to 60% off some clothing and House of Fraser has cut prices by as much as 75%. Argos has launched a half-price toy sale.
Mild winter weather and a general squeeze on disposable incomes is making trading particularly difficult for fashion stores despite more positive news on the economy.
Mark Hudson, head of the retail and consumer team at PwC, said: "As we all get ready for that frantic last weekend of shopping before the big day, it appears that despite much more positive economic news, the level of discounting seems broadly in line with last year, proving that promotions are still a key weapon to drive footfall."
He said he expected to see further sale activity this weekend. People are expected to spend £12bn on last-minute shopping from Friday to Monday night, but the late run into Christmas means that sales may well be lost. With quarterly rent day for retailers due on Christmas Eve, it is feared that at least some struggling retailers may not make it into the new year.
Azure Global’s vision is to be widely recognized as a reputed firm of financial business advisors, achieving real growth for ambitious companies and to become the first choice for F&A outsourcing for accountancy practices and businesses alike and if u want to Setup ur business in United Kingdom then its not difficult in this modern age for more info visit our site Azure Global and join us also On Facebook
No comments:
Post a Comment