Tesco boards price-cutting bandwagon

†Supermarket Tesco is the latest retailer to slash prices in the run-up to Christmas and as the fire-sale at Woolworths continues. Tesco, the UK’s largest retailer, is launching a half-price sale across 1,000 products aimed at cash-strapped Christmas shoppers.

It is slashing the prices of products such as Christmas food and drinks, gifts and other festive goods such as champagne, perfume and toys by 50%.

The Tesco half price sale follows an ICM survey that revealed that shoppers are delaying their spending and have finished only 22% of their total Christmas shopping.

Tesco commercial director Richard Brasher says: “Customers are telling us that they are delaying their main Christmas purchases as they wait for bargains,” because of deteriorating economic conditions.

Marks & Spencer and department store chain Debenhams have already launched price promotions and discounts in the run up to Christmas.

Separately, ailing retailer Woolworths has launched a store closure sale across all its 815 outlets in the UK today.