Debenhams deputy chief executive Michael Sharp has said the retail sector is “staring into the face of the worst Christmas we have ever had”.
He said that while retailers do not plan to go in to Sale before Christmas “nobody knows how it will pan out”.
He added that although retailers “destocked before Christmas, I am not sure that we destocked enough or quick enough”.
Sharp said that the final weekend before Christmas will be key and that many retailers will have gone on Sale then. “By the final weekend [before Christmas] everyone will have bought their party dress or coat for the season. That's where to look for markdowns.”
His warning comes as a raft of retailers including Gap, Oasis and Warehouse issue “secret Sale” and “friends and family” vouchers. Debenhams is also advertising a Sale preview ahead of its three-day spectacular that starts tomorrow.
Sharp told delegates at Drapers Fashion Summit that retailers could be “clever” about their markdowns, citing gift ranges that can be marked down on Boxing Day.
No comments yet