M&S Cut Prices by 20%

M&S has announced it will hold a one day 20%-off sale tomorrow, Thursday. Online the sale starts at one minute past midnight. The sale will include all clothing and homewares and also wine and Christmas food gifts. Some shops will remain open until midnight to offer maximum shopping time.

M&S Executive chairman Sir Stuart Rose adopted a similar policy when he took over at M&S in 2004 which helped lead to the turnaround in the store’s fortunes. Clearly with the recent M&S profits plunge Sir Stuart is seeking to regain ground and ensure that M&S get a good slice of the Christmas trade.

M&S are not alone though! Debenhams started a 3 day sale across stores today with all┬átheir prices being cut by up to 25%. Over 100 stores will be open until midnight. The price cutting covers everything in-store, from womenswear, menswear and kid’s wear to fragrance and cosmetics, homewares and even Christmas gifts. Debenhams deputy chief executive Michael Sharp said ‘Never before has offering superb value for money been so important to ensuring a successful Christmas trading period. Our customers are struggling with inflation on every front, so we want to take action now to help them save money.’

Other large retailers are considering pre-Christmas sales, including it is suggested Arcadia, Philip Green’s fashion group which includes the Burton and Dorothy Perkins brands.

So the downturn in the economy is undoubtedly causing retailers concern and they are going to have to work hard for business in this difficult trading period.

Let’s hope there are more sales to come.

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