This month has seen the highest ever level of discounting for July with nine out of ten clothing retailers holding Sales over the weekend offering an average discount of 55%.
According to accountancy Pricewaterhouse Coopers, this is the highest level of discounting ever seen in July. Retailers including Debenhams, French Connection and Warehouse have slashed prices by up to 70%, reports the Telegraph. Over the weekend shoppers were treated to further reductions with Marks & Spencer offering 20% off all swimwear.
The wet weather has led to a drop in the number of shoppers on the high street. According to Experian Footfall, the number of people on the high street fell by 16% on June 28, which was the month’s wettest day, compared with the previous year. Throughout June the number of people shopping fell by 1.6% year-on-year.
However last week Drapers reported that tighter stock control, smarter buying and transitional product had helped retailers to weather the disappointing summers. Both multiples and indies said Sales had begun “in line” with last year, with many able to hold off starting for up to a week.
Many retailers are planning to come out of Sale and bring in new season stock before the Olympics on July 27, but few expect to see a significant sales uplift from the Games.