M&S to launch second one-day sale

Guerrilla promotions are the latest weapon in the retail arena

High Street giant Marks and Spencer has confirmed that it will slash 20% off prices for one day as retailers battle to win over Christmas shoppers.

M&S will hold a second one-day "Christmas spectacular" on Thursday, 2 December, and did not rule out another discount day ahead of Christmas.

A spokeswoman for M&S said it would be cutting 20% of 50% of its products, including clothing and wines & spirits

A number of other retailers have also cut prices in the run up to Christmas.

Wary consumers

Retailers are resorting to savage price cuts amid increasing fears that shoppers are reining back spending this Christmas as rising mortgage rates and fears of a house market slump take hold.

A survey this week by the CBI reported that some retailers are predicting a gloomy festive trading season.

High Street icons such as Dixons, Argos, WH Smith, House of Fraser and Boots have already jumped on the discount bandwagon, cutting prices in the run up to the all-important Christmas trading season.

And M&S had its first Christmas spectacular one-day sale on November 11.

Several retailers have been adopting 'guerrilla promotion', tactics, where prices are cut at the very last minute before rivals have a chance to respond and compete.