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Thursday, November 20, 2008, 20:35
The radical move prompted big crowds of shoppers to get a head start on their festive shopping.
But despite the glitz and sparkle of Bristol's new Cabot Circus development, it was the old shopping stalwart of Broadmead where savvy bargain hunters arrived in droves to take advantage of discounts of up to 25 per cent.
For its biggest one-day promotion in four years, Marks and Spencer cut prices by 20 per cent in its clothing and homewares department while discount days at retail giants Debenhams and Bhs kept tills ringing.
A Debenhams spokesman said sale customers had queued outside "packed" stores.
Shops in Cribbs Causeway, Bristol, were also heaving by 10am.
Wine and champagne were the most heavily promoted items in the shopping centre's M&S store with large displays throughout the shop.
Patricia Cousins, 63, a retired estate agent from Clevedon, near Bristol, came down for the sale.
She said: "It's a great opportunity to buy Christmas presents and other things we need.
"It's great for pensioners like me, who need all the help we can get.
"It encourages you to buy things you might not otherwise, but it's also a chance to stock up the freezer so we won't need another big shop until after Christmas."
Jane Yates, 53, a teacher from Stroud, Gloucestershire, said: "I looked on the internet last night to see what I wanted, and then came down to buy those things.
"I've got quite mixed feelings about these sales. Yes, it's a chance to do some early Christmas shopping and save some money, but can people afford it?
"At least it's putting money into the economy, which should help us get through the credit crunch."
But others were more cynical about the sale.
Moira Trenchard, 61, a retired nurse from Somerset, said: "They're just desperate to make more money.
"I shop at Marks and Spencer's anyway, but I normally wait for the sales, so I suppose it's worked for me.
"I don't think it's just the credit crunch that has stopped people buying things, though.
"We've all been spending like crazy for the past 10 years and I think people have realised they have everything they need."
And while the sales saw shoppers stocking up, city analysts said they were clear signs that trade for the firms was behind budget.
Retail analyst Fraser Ramzan, of Nomura, said the rarity of the M&S sale day might persuade people to do some of their Christmas shopping earlier than they had planned.
"The customer is not conditioned to expect M&S to do these things very often. If they were doing this kind of thing regularly there is a danger the customer would become accustomed to waiting for that sale," he said.
"Because M&S generally does 'hold its nerve' until Boxing Day, the same as some others like Next, people won't expect them to do this again before Christmas."
M&S spokeswoman Clare Wilkes said: "M&S customers are telling us they are feeling the pinch more than ever and they need some support to help make Christmas extra special."
Asked about speculation that the event would dilute sales leading up to Christmas, she said: "These are really unusual times and it's a very volatile and competitive environment and we need to trade through it. We need to compete for every share of the pound that is available to be spent."
Mr Ramzan said that even those who are not cutting prices might benefit from the trend for promotions.
He added: "There is a line of thought this actually benefits retailers who don't go on sale. While Debenhams and M&S are on promotion, there is greater footfall."
Analysts said clothing and homeware chain Next had always held off until after Christmas to start its sale and it is expected to "hold its nerve" this year.
Mr Ramzan said shelves were unlikely to be groaning with unsold goods after Christmas as most retailers – anticipating fewer sales – had ordered less. "The retail sector is an area where people have been planning for tough times," he said.
Debenhams deputy chief executive Michael Sharp said the retail sector was "staring into the face of the worst Christmas we have ever had".
But he added: "By the final weekend (before Christmas) everyone will have bought their party dress or coat for the season.
"That's when to look for mark-downs."
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