Eight in ten shops offer pre-Christmas sales in weekend of 'mayhem'
Almost eight in ten shops are now offering Christmas discounts as retailers prepare for record crowds and “mayhem” on the high street over the next three days.
3:13PM GMT 21 Dec 2012
According to research by accountants PwC, 76 per cent per cent of high street chains are currently on sale or advertising money-off promotions in their windows. This compares to 69 per cent of retailers last week.
The average amount of money being knocked-off goods is 44 per cent, meaning that there are “festive bargains galore” on the high street, PwC said.
The escalation in discounting comes as retailers have suffered from muted sales so far this December. The number of people visiting shopping centres over the month to date has fallen by around 5 per cent compared to last year, according to the British Retail Consortium.
However experts predict the last-minute rush to begin this weekend.
Consumers are expected to spend almost £4 billion tomorrow in shops. Meanwhile 17.2 million Britons are expected to hit the high streets on Christmas Eve on Monday, equivalent to one in three adults in Britain.
Christine Cross, chief retail adviser to PwC, said that this weekend will be “frantic” on the high street.
Andy Street, the managing director of John Lewis, told the BBC that the department store chain expects a record week for sales in its shops this week.
Britain’s high streets and town centres will be “very very busy” over the next few days, said Richard Hyman, president of PatelMiller, a retail consultancy.
“My advice to shoppers is to try to get up early as it is going to be mayhem out there,” said Mr Hyman.
Retailers offering money-off include Debenhams, which is offering up to half price on Christmas gifts, and Boots, which has a ‘3 for 2’ offer on selected toys and gifts. Argos is offering up to half price on hundreds of toys.
Jace Tyrrell, of the New West End Company, which represents Oxford Street, Regent Street and Bond Street in London, expects one million people to hit the three streets in the next three days, spending over £100 million between them.
Although high street stores can expect a bumper few days prior to December 25, they have faced tough competition from internet retailers this year, which consumers are increasingly using to do their Christmas shopping.
According to figures released by the Office for National Statistics (ONS) earlier this week, internet sales accounted for almost 11 per cent of all purchases in November – this is the highest level recorded since the series began in 2006
Colin Edwards, an economist at thinktank the Centre for Economics and Business Research (CEBR) said that online retail “continues to grow in importance”.
He said that consumers spent an average of £711 million online every week over November 2012, compared to £658 million in November 2011.
Chris Thomas, the chief executive of Cloggs.co.uk, an online shoe retailer, said that traditional high street stores have to contend with the added competition of internet retailers.
“As the countdown begins for Christmas, this is a make-or-break weekend for the high street which has to compete with the fiercely competitive discounting offered by the online retailers who don’t have the costly over heads of the high street,” said Mr Thomas.
CEBR’s Mr Edwards said: “Retailers in the UK continue to face an uphill struggle in enticing consumers to part with their hard earned cash. The relentless rise of internet retailing represents an opportunity for some, but also places increasing pressure on the high street.”
Mr Hyman of PatelMiller said that he expects overall spending this Christmas to be “on a par” with last year, rather than ahead of it.
Sales -
Debenhams – up to half price on gifts
Boots - ‘3 for 2’ offer on selected toys and gifts
Argos - half price on hundreds of toys.
French Connection – up to 60 per cent off
Oasis – up to 50 per cent off
Marks & Spencer – ‘3 for 2’ on gifts. More information on http://www.telegraph.co.uk
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