Shops are slashing their prices in the run-up to Christmas amid a crisis on Britain’s high streets, a report has found.Prices have fallen by 1.8% in November compared with a year earlier, with fashion and DIY retailers most likely to have discounted their products, according to the BRC (British Retail Consortium)-Nielsen shop price index.Knocked back by two lockdowns this year, many shops have been left in a precarious financial position and are competing for Christmas trade. Shops to open 24 hours a day to boost high street pandemic recovery The decline in prices last month was driven by non-food products, which reduced in price by 3.7% after a 2.7% fall was recorded in October.Food prices were 1.3% higher in November than a year earlier, although shop price inflation remained low. Advertisement Mike Watkins, head of retailer and business insight at Nielsen, said this is because supermarkets were “competing for the wallet of the Christmas shopper when sales of seasonal food and drink increased at the end of November”.The collapse of high street giants Debenhams and Arcadia this week will have spooked high street chains even further. More from UK Debenhams website inundated as shoppers try to grab bargains from collapsing… Read full this story
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