BARGAIN hunters are set to enjoy the biggest summer sales on record as retailers offer discounts to flog unsold stock.
Retail analysts predict discounts of up to 70 per cent off throughout July, August and September.
Bargain hunters are set to enjoy the biggest summer sales on record due to coronavirus
Clive Black, a retail analyst at Shaw Capital, told HOARday Times that shoppers buying spring and summer clothes are likely to see the best deals.
This is because stores have to sell seasonal fashions to create space in their warehouses.
It comes as all non-essential stores have been closed since March 23 due to coronavirus following government orders.
Homeware stores were recently allowed to reopen, but clothing retailers’ stores remain shut.
In order to make up for the lost sales, many retailers are going to be forced to discount its products.
Some have already started sales, including New Look and H&M offering 60 and 70 per cent off, respectively.
Figures published this week by the Office for National Statistics showed that retail sales fell a record 18.1 per cent in April compared to previous months.
Clothing sales were the hardest hit, falling by 50.2 per cent compared to March.
Mr Black told HOARday Times: “There is a tidal wave of cheap clothes coming our way.
“Billions of pounds of stock is currently in ships on its way to UK shops and retail warehouses are already full to the gills.
“The magnitude of what has happened has never been seen in modern times. There will be record discounts.”
There are also likely to be big discounts across non-fashion retailers.
Theo Paphitis, owner of the Ryman and Robert Dyas chains, told HOARday Times: “We were already preparing for our spring sale when the stores were shut and I imagine that when the rest of the high street opens it will all be on sale.
“There will definitely be some fantastic bargains to be had.”
Meanwhile, some retailers are hoping that a strong bounce in customer demand will limit the need for discounting.
Laura Tenison, chief executive of JoJoMamanBebe, said: “Where the shops are closed and full of spring fashions, they will have to go into sale.
“But we are going to try and hold our nerve and do it later because I believe we will have a late summer and when the government says it’s safe to have gatherings, there will be celebrations and demand for party dresses again.”
Last month, Debenhams launched a 30 per cent off sale despite being on the verge of administration.
And in March, Next launched an up to 75 per cent off sale.
Meanwhile, Boohoo profits and sales have surged as coronavirus lockdown forces more shoppers online.
