Marks & Spencer is to hold a one-day, 20%-off sale on Thursday in an effort to revive pre-Christmas sales.
The retailer will go head to head with with department store Debenhams, which began a three-day sale on Wednesday offering reductions of up to 25%.
Marks & Spencer (M&S), which was voted one of the top retailers in our annual , recently posted a 34% drop in six-month profits.
Marks & Spencer sale
The sale is the first one day event held by M&S for four years and will begin at one minute past midnight on Thursday 19 November.
All clothing, home, wine and Christmas food gift prices will be slashed by 20% for one day and many stores will remain open until midnight to capitalise on bargain-hunting late night shoppers.
You can find out how to be a savvy sale shopper in our online guide to buying in sales.
High street sales
Analysts are predicting M&S and Debenhams will not be the only stores to offer pre-Christmas discounts. Philip Green’s Arcadia fashion group – which includes Dorothy Perkins, Evans and BHS – is tipped to follow suit in the next few weeks.
Figures from the British Retail Consortium, which represents stores, for October last week showed a sharp decline in retail sales and retailers are bracing themselves for further difficult trading conditions.
M&S’s 20% off sale is only the second pre-Christmas sale in the retailer’s history.