Retailers extend discounts on Christmas Eve

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Source: CCTV.com | 12-25-2008 15:04

Last-minute shoppers in Europe have headed to stores and malls, looking for the final items they needed and in search of good deals.

Retailers extended discounts on Christmas Eve just for that purpose. Some experts estimate that many stores could collapse next year.

Shoppers spend the last weekend before the Christmas holiday looking for deals in the Fair Oaks Mall in Virginia, December 21, 2008. (Larry Downing/Reuters)

Desperate measures to entice shoppers were in evidence on Wednesday in Britain, as a third major retailer collapsed into bankruptcy protection in 24 hours.

Several major retailers brought forward their traditional post-Christmas sales and slashed prices by as much as 90 percent.

More retailers are registered on the growing list of casualties of a severe downturn in consumer spending and tight credit conditions.

Analysts have speculated that as many as 15 national or regional retail chains could collapse before the end of January.

But online retailers say that last year websites saw a dramatic surge in the number of online shoppers on Christmas Day.

David Walmsley, Head of Web Sales, Hohn Lewis Direct, said, "So we talked and we thought then that actually we ought to look to cater to those customers better and create a sale package that would be ready and waiting for them on Christmas Day."

Europeans across the continent were also cutting back on Christmas expenses. Even so, retailers in major cities were still hoping for a last-minute shopping boost on Christmas Eve.

In the US, holiday sales figures are shaping up to be the lowest in years, possibly the worst since the industry began annual comparisons in 1969.

One analyst believes the US retail industry could be looking at its biggest contraction in 35 years. The forecast is 160,000 stores will have closed by year's end, and an additional 200,000 will go in 2009, along with up to 3,000 whole shopping malls.

Editor:Zhang Pengfei