Tesco, the UK’s largest retailer, has said that it will introduce deep discounts on 1,000 Christmas products in a bid to spur spending and beat the gloom descending on the high street.
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The retailer is cutting the price of Christmas food, drink, gifts and toys by up to 50% in a bid to woo “wait and see” customers.
“Customers are telling us that they are delaying their main Christmas purchases as they wait for bargains. Our sale reassures customers that we’re not making them wait,” Tesco’s commercial director Richard Brasher said.
The news comes as UK retailers are increasingly looking to discounts to attract shoppers – Marks and Spencer has run two 20%-off one-day sales, while department store House of Fraser has launched a pre-Christmas sale with up to 50% off selected items.
However, Tesco’s move could fuel speculation that the supermarket giant is finding it increasingly difficult to retain UK market share.
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By GlobalDataLast week, the company revealed UK like-for-like sales growth, excluding fuel, of just 2% during the 13 weeks to 22 November as rivals Morrisons and Asda saw their market share rise.
