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More UK retail sales woe expected October UK retail sales fall 0.1%
(about 3 hours later)
Sales on the UK's high streets continued to slow in October, figures out later are expected to confirm. Sales on the UK's high streets fell by 0.1% in October, lower than expected, Office for National Statistics data showed.
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. The decline was much less than the 0.9% drop that most analysts had expected after sales fell by 0.4% in September.
Retail sales grew at an annual rate of 1.9% compared with 1.7% in September.
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 lossesHeavy 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. The government has slashed interest rates in a bid to boost spending
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 ratesInterest rates
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.
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.