19 December 2005
After a tough season retailers have announced a sudden Christmas boom, with shoppers expected to spend about £10 billion this week on last-minute bargains.
Fashion outlets such as Gap, French Connection and Laura Ashley have slashed prices by up to 50 per cent, the kind of reductions typically reserved for January, while big name chains such as Debenhams and Marks & Spencer have launched deals of their own.
The moves appear to have paid off for retailers, with a record 500,000 shoppers flocking to Oxford Street this weekend to take advantage of price cuts and late opening hours.
Jace Tyrell of the New West End Company, which represents vendors in Oxford Street, Regent Street and Bond Street, said: "The retailers have pulled out all stops for the final week and are doing everything they can to attract shoppers to the West End."
He added. "We expect to be swarming with last-minute shoppers."
Amid the spending frenzy Chris Holmes, chief executive of One Advice, reminded buyers not to spend beyond their budgets.
"People need to ensure that they enjoy the festive season without leaving themselves with a huge financial hangover in the New Year," he said.
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