John Lewis’ clothing price cut pays off
Dec 18, 2018
New York - The British department store announced earlier this year its plans to cut down the price of its clothing range. That markdown included bestsellers such as some women winter coats from its AW18 Collection which are now available for half its original price.
Driven by heavy discounts and promotions, the department store group reported a 9.3 percent rise in fashion and beauty sales in the week to December, 15. Womenswear and menswear also increased, up 8.5 percent and 7.2 percent respectively.
This gain adds to that noted after Black Friday promotions, which, according to the ‘UK Investor magazine’ provided some relief for the group.
The retailer, which is owned by staff, offers thus some hope for the beaten UK retail industry at a time when sales of fashion at established stores fell by 0.6 percent, per BDO’s data.
John Lewis endured a difficult start to 2017, reporting a 99 percent fall in profits for the six months to July, 28 recalls the ‘UK InvestorMagazine’.
Heavy rain, ice, and snow have also increased the pressure for retailers, who are ever concerned about the relatively low number of shoppers visiting high streets and shopping centres. Uncertainty regarding Brexit and its aftermaths is not helping either, particularly affecting sales of fashion and homeware.