Massive price cuts follow mixed sales

In the aftermath of Christmas, retailers in both the UK, Europe and the US have resorted to massive price cuts. Sales in the run up to Christmas had been mixed at best. Some British retailers, including John Lewis, reported better-than-expected sales in the days leading up to Christmas, while many businesses in the US suffered slow sales.

The heavy price cuts have attracted shoppers in droves. Shoppers started queuing at 3 am on Oxford Street, waiting to get into Selfridges to bargain hunt. Meanwhile, Macy's in New York opened at 7am, with discounts of up to 75 percent. The slowdown in sales in the US was blamed mostly on the warm weather, which affected the sale of winter fashion, and on a challenging housing market. In contrast, German retailers have reported buoyant Christmas sales.