Stores today are launching massive online “January sales” as they try to move a mountain of inventory that went unsold as families cut holiday spending.
Savings of up to 70 percent are available from names like John Lewis and Marks & Spencer, whose online sales go live today.
They join chains like Boots, Currys and House of Fraser that are already holding “winter sales.”
Argos and Habitat are going live on Christmas Day with their January sales for furniture, home and garden products, while Amazon waits until Boxing Day.
Stores are launching massive online ‘January sales’ today as they try to shift a mountain of unsold inventory
Traditional Boxing Day sales where consumers are left waiting in the cold are being crushed by the switch to online shopping.
Millions will be shopping from the comfort of their homes this weekend, with one estimate suggesting Britons will spend £1bn on Christmas Day.
Most major retail parks, such as Bluewater, Westfield, Trafford Center and Bicester Village, are open on Mondays from 7am to 8pm. However, a number of retailers, including Next, John Lewis and M&S, will not open stores until Tuesday to give staff in need a break.
Bargains are promised in fashion, household appliances and expensive items such as furniture.
Retail and delivery expert David Jinks of ParcelHero said: ‘We predicted something of an austerity Christmas, and that’s how it turned out. There is no denying that this Christmas will not be one that retailers look back on with enthusiasm.”
Traditional Boxing Day sales where consumers are left waiting in the cold are being crushed by the switch to online shopping
He added: “Retailers are sitting on an awful lot of unsold inventory and there could be a bountiful harvest, especially those ‘New Year’s sales’ which now start on Christmas Eve.”
Mr Jinks suggested that a number of retailers are planning to write off many stocks such as fast fashion and toys, perhaps passing them on to outlet and discount specialists, rather than putting them on sale.
Major retailers are actually writing off unsold inventory, especially winter fashion items, and seem to have had a bad trading year. It might be worth checking out local discount stores if you have one nearby,” he said. VoucherCodes, which produces annual holiday spending forecasts, estimates £1.13bn will be spent today, with around £840m on high streets and shopping centres.
It predicts £1.08 billion will be spent on online sales on Christmas Day. A spokesman said: ‘The fact that the railway strikes start at 3pm on Christmas Eve will hurt shopkeepers as people … rush to get home.’ Many will avoid selling because the cost of living has left them without extra money. Research for AJ Bell showed that 34 percent spend less this year.
Of this group, 63 percent said they have less disposable income, while 49 percent blamed the crisis on the cost of living.
Andy Mulcahy, strategic director of IMRG, the industry association for the online industry, confirmed that retailers are sitting on unsold inventory.
It predicts £1.08 billion will be spent on online sales on Christmas Day
The number of people visiting websites in December was high, but the conversion rate – the percentage that makes a purchase – has dropped by about 20 percent.
“It’s not looking good, I think December will be bad,” he said.
He added: ‘Shops had hoped to sell a lot of TVs around the World Cup, but that hasn’t happened. It is positive that there are positive sales for energy-saving products, such as the airfryer.’
The giant Bluewater shopping center off the M25 in Kent should have been rammed yesterday on what analysts dubbed ‘Frenzy Friday’. However, the images showed parking spaces in parking garages and a lack of crowds. The center said it was not commenting on attendance numbers.
Retail traffic counter Springboard said footfall in high streets, retail parks and malls was higher yesterday than the same day last year. At noon, high streets were up 6.6 percent, retail parks were up 10.8 percent, and malls were up 18.3 percent. Bluewater said, “We’ve seen a good festive season with guests looking for the best deals and enjoying the festivities.”
‘Sitting on a lot of unsold inventory’
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