Shops slash prices as credit crunch bites

High street slashes prices in bargain bonanza

High street stores are cutting prices, in a bid to attract shoppers in the midst of the credit crisis.

Mid-season sales at stores such as Debenhams, House of Fraser and M&S have seen prices falling by a massive 70%, and experts predict that the bargains may keep on coming in the lead up to Christmas.

The run of discounts come as figures show that shoppers fell by 3.6% last week, according to the Experian Retail FootFall Index, while summer 2008 has been confirmed as the worst in three years for sales by the British Retail Consortium.

Speaking to the Daily Express, Experian spokesman Bruno Rost predicted the bargains would continue right up until the end of the year.

He explained, ‘I think these sales are going to continue up until Christmas. We think the retailers are going to break ranks big-style this year. I think they will be trying to pull people in with some fairly good discounts, just to get them into store.’

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