Everything must go! High Street giants pin their hopes on ‘Super Saturday’ sales as they cut prices by as much as 90%
- Shoppers are predicted to spend £1.7billion on last-minute Christmas presents
- Retailer Sports Direct has cut its prices by as much as 90 per cent for shoppers
- Shops House of Fraser and Topshop have also slashed their prices by 60 per cent
Desperate retailers have launched an unprecedented wave of pre-Christmas sales in a final bid for shoppers.
Some of the High Street’s biggest names were offering discounts of up to 90 per cent last night as they fought to end a woeful year on a high note.
They are counting on shoppers to spend a predicted £1.7billion on last-minute Christmas presents today, which has been dubbed ‘Super Saturday’.
Retail revenues have plummeted this year – with around £17billion wiped off the share prices of the country’s biggest shops – and more stores are expected to go bust in 2019.
Retailers have been offering discounts of up to 90 per cent last night in an unprecedented wave of pre-Christmas sales. (Stock image)
Analyst Richard Hyman said: ‘This is unprecedented. The level of discounts, the number of retailers with sales, and the proportion of their stock on offer are all at record levels.
‘I’ve never seen as much activity as this before – it’s a statement of desperation.’
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The biggest discounts on offer are at Sports Direct, owned by billionaire retail tycoon Mike Ashley, where prices have been cut as much as 90 per cent.
House of Fraser and Topshop have both slashed prices by 60 per cent, and Debenhams by 50 per cent.
Electricals store Currys PC World has cut 30 per cent off its prices and the furniture firm Made has 40 per cent reductions.
Internet retailers have also joined in the frenzy, suggesting they too are struggling. Web clothing retailer Asos has cut prices by 50 per cent and rival online fashion firm Boohoo is now offering a 70 per cent sale.
The biggest discounts on offer are at Sports Direct, where prices have been cut as much as 90 per cent. (Stock image)
House of Fraser and Topshop have also cut prices by 60 per cent, in a final bid for shoppers. (Stock image)
Helen Dickinson, chief executive of the British Retail Consortium, said companies are desperately hoping this weekend will mark a turnaround in their fortunes.
She added: ‘With consumer habits changing towards more last-minute shopping, coupled with more reliable delivery, many consumers are likely to be leaving their present and food shopping to the final moment.’
Shops rely on good Christmas trading to earn enough to get through the first three months of the new year, which tend to be the toughest for retail.
Sky-high business rates are thought to have made the problem worse by loading companies up with vast amounts of tax at unprofitable stores.
The Daily Mail is campaigning for reform of rates to level the playing field between bricks and mortar shops and online giants such as Amazon which typically pay far lower rates.
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