John Lewis announces a record sale day
John Lewis has today announced record figures for the first day of their sale with turnover up 7% to a massive £21.3 million. Companies such as John Lewis and some of the larger UK retailers have grabbed the attention of UK consumers who are looking for larger discounts and better bargains. The Christmas and New Year sales appear to have merged into one with consumers more eager than ever before to spend what little money they have as quickly as possible.
It will be interesting to see how the likes of Marks & Spencer and some of the other major retailers in the UK have fared during the opening period of their sales which could well set the scene for the next few months. Price competition has never been tougher but slowly we are seeing a reduction in the number of retail outlets on the high street which should at some stage take the pressure off the stronger entities - although this will be some way off.
Quite how long the sales can continue remains to be seen as at some stage prices will need to return to more normal levels to ensure sufficient cash flow and profitability for the future. However, at the moment the UK high street has the potential to be a goldmine for consumers if they take the time to look around for the best bargains.
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