UK shoppers are getting record bargains as retailers drastically cut prices to clear their summer stock. High street stores such as Debenhams, French Connection, Marks & Spencer and Warehouse have cut the prices of unsold summer clothing by as much as 70 per cent. The continuing wet weather is keeping customers away from the shops with retailers having to slash prices to clear their stock of summer goods.
Retail pricing intelligence revealed that M&S has cut 20 per cent off the price of all swimsuits. DIY retailer B&Q has slashed the price of many of its barbecues by a third. With average discounts of 55 per cent, accountancy firm PwC says it is the biggest price cuts for a July.
Stephen Robertson, the director general of the British Retail Consortium (BRC), says that retailers are savagely cutting prices as the new autumn-winter ranges will be in stores at the end of this month. With retailers using competitor price monitoring services to gather pricing intelligence on rivals,
“There is too much stock out there,” said Robertson. Retailers are very unhappy with inventory levels and they are having to “savagely cut prices”, he added. “We hoped the Jubilee and the European football would catch the mood of the nation and make us more confident but that doesn’t seem to have happened.”
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email email@example.com.