High street retailers are discounting at record rates in an effort to combat the credit crunch"s effects on Christmas sales.
Research published today by retail network Patonz illustrates the scale of the discounts, with almost 50% of retail multiples now either trading in full sale mode or offering combination offers or discounts.
Brendan Dorrian, CEO at Patonz, said that the number of retailers offering a sale or offers has increased every day since the beginning of December. He also suggests that retailers are being forced to move quickly to keep up with events, saying that Patonz "surveyed Dorothy Perkins on Wednesday morning and noted a "20% off" promotional campaign, but by Wednesday afternoon, a "50% off" campaign was being launched."
The rush to discount is symptomatic of retailers" desperation, with some struggling to remain solvent at a time when most would traditionally be making most of their annual profits.
