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| Version 0 | Version 1 |
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| More UK retail sales woe expected | More UK retail sales woe expected |
| (about 1 hour later) | |
| Sales on the UK's high streets continued to slow in October, figures out later are expected to confirm. | |
| Sales fell by 0.4% in September, cutting annual growth to 1.8%, from 3.3% a month earlier, Office for National Statistics' data showed. | |
| Many retailers have opted to hold pre-Christmas sales in a bid to boost spending at what should be their busiest time of year. | Many retailers have opted to hold pre-Christmas sales in a bid to boost spending at what should be their busiest time of year. |
| Marks and Spencer is cutting all prices by 20% for one day only on Thursday. | Marks and Spencer is cutting all prices by 20% for one day only on Thursday. |
| Some M&S stores will stay open until midnight for the discount day. | Some M&S stores will stay open until midnight for the discount day. |
| On Wednesday, Arcadia Group announced sales at Dorothy Perkins, Wallis, Evans and Burtons, and Debenhams is also holding a three-day 25% off "spectacular". | On Wednesday, Arcadia Group announced sales at Dorothy Perkins, Wallis, Evans and Burtons, and Debenhams is also holding a three-day 25% off "spectacular". |
| Heavy losses | Heavy losses |
| Retail analyst Fraser Ramzan, of Nomura, said the rarity of the M&S sale day might persuade some people to do their Christmas shopping early. | Retail analyst Fraser Ramzan, of Nomura, said the rarity of the M&S sale day might persuade some people to do their Christmas shopping early. |
| "The customer is not conditioned to expect M&S to do these things very often," he said. | "The customer is not conditioned to expect M&S to do these things very often," he said. |
| "Because M&S generally does hold its nerve until Boxing Day, people won't expect them to do this again before Christmas." | "Because M&S generally does hold its nerve until Boxing Day, people won't expect them to do this again before Christmas." |
| But he said there was a danger that shoppers would only buy reduced items that they would have bought anyway at full price, thereby cutting into, rather than boosting profits. | But he said there was a danger that shoppers would only buy reduced items that they would have bought anyway at full price, thereby cutting into, rather than boosting profits. |
| Marks & Spencer saw like-for-like sales fall 6.1% in the 13 weeks to 27 September, while Arcadia experienced a 2.8% drop from 2007. Woolworths is reportedly in talks to sell its branches for a pound | Marks & Spencer saw like-for-like sales fall 6.1% in the 13 weeks to 27 September, while Arcadia experienced a 2.8% drop from 2007. Woolworths is reportedly in talks to sell its branches for a pound |
| Woolworths has suffered particularly heavy losses and is reportedly in talks to sell its chain of more than 800 stores for a nominal price of one pound. | Woolworths has suffered particularly heavy losses and is reportedly in talks to sell its chain of more than 800 stores for a nominal price of one pound. |
| Paul McGowan, chief executive of restructuring specialist Hilco, said on Wednesday that talks with Woolworths were at a "very early stage". | Paul McGowan, chief executive of restructuring specialist Hilco, said on Wednesday that talks with Woolworths were at a "very early stage". |
| Woolworths posted a record first-half pretax loss of £90.8m in September. | Woolworths posted a record first-half pretax loss of £90.8m in September. |
| Interest rates | Interest rates |
| While September's UK retail sales figures did show a fall, it was not by as much as forecast. | While September's UK retail sales figures did show a fall, it was not by as much as forecast. |
| There was also an unexpected rise in sales in August. | There was also an unexpected rise in sales in August. |
| Earlier this month, the government cut interest rates by 1.5% in the hope of putting more money in consumers' pockets and encouraging them to spend. | Earlier this month, the government cut interest rates by 1.5% in the hope of putting more money in consumers' pockets and encouraging them to spend. |
| However, some analysts say that any positive effect - if it comes at all - will be too late to boost sales in the run-up to Christmas. | However, some analysts say that any positive effect - if it comes at all - will be too late to boost sales in the run-up to Christmas. |
| Rising unemployment has also dented consumer confidence. | Rising unemployment has also dented consumer confidence. |