ROUND the clock opening hours have jump-started a marathon shopping spree across Scotland, but it may not be enough to save the high street.
ROUND the clock opening hours have jump-started a marathon shopping spree across Scotland, but it may not be enough to save the high street.
Flying in the face of recent predictions of a gloomy turnout, thousands packed stores and shopping centres in the hope of snapping up a last minute bargain yesterday.
Despite the festive crowds, however, experts warned that hundreds of retailers might not survive.
Begbies Traynor, the UK's biggest insolvency specialist, say 323 retail firms are on its critical list of businesses at risk of going under, a 573% rise on last year.
Nick Hood, a partner in Begbies Traynor, said that more than 10 national or regional retail chains risk going bust next month.
"Not a lot of them are profitable because of the discounting at a time when they would normally generate all their profits for the year," he said.
"The problem facing the management of retail chains is whether they can find funding to restock in January, pay their VAT bills and survive through until Christmas starts again next October."
The prediction comes as research from accountants PricewaterhouseCoopers suggests that 82% of retailers discounted their merchandise this weekend.
Retailers are extending their hours and bringing forward January sales, with savings of up to 75%, amid fears the high street is on course for the worst Christmas in 30 years.
More than 730 supermarkets across the UK will be open 24 hours a day until Christmas Eve in the hope of boosting flagging sales. At least another 500 will trade until midnight, including Marks & Spencer and Debenhams. The shopping frenzy kicked off on Saturday, which was expected to be one of the busiest days of the year, with bargain hunters taking advantage of price cuts and last-minute offers.
Peter Beagley, general manager of Braehead shopping centre near Glasgow, said the Christmas rush had finally begun.
He said: "Although consumers initially appeared cautious, the Christmas rush has now well and truly started. Footfall and car park usage are increasing steadily week on week, and are in line with our expectations. Feedback from retailers is generally positive, particularly from those which have held special events or discount spectaculars."
Queues formed outside Glasgow's Princes Square on Buchanan Street on Saturday before the centre opened its doors around 9am. Aberdeen's Bon Accord and St Nicholas centres said they were "exceptionally busy".
With stores crammed and shoppers finally parting with their cash, the British Retail Consortium said some retailers would now "dare to breath a sigh of relief".
Its director general Stephen Robertson said: "While conditions remain tough, retailers have reacted with high-profile price cuts and promotions.
"This, together with the recent reductions in VAT and interest rates, has meant in the last few days shoppers have come out in force.
"Some retailers will now dare to breathe a sigh of relief that customers are simply delaying their Christmas spending, rather than cancelling it entirely."
Supermarkets are hoping that extended opening hours will entice shoppers and perhaps fill the gap in pre-Christmas sales. However, a Tesco spokeswoman said 24-hour opening was a way of helping customers who have less free time in the Christmas period.
She said: "The run up to Christmas is an incredibly busy time for people so our customers expect us to make it as convenient as possible for them to do their Christmas shopping with us at a time which suits them."
Tesco is opening 543 stores for 24-hour trading until Christmas Eve. Sainsbury's and Asda are also opening stores for 24-hour shopping.
Many retailers have already announced large price cuts in a bid to drum up trade. Tesco started a Christmas clothing sale on Friday.
Marks & Spencer also cut prices, with 30% off clothing lines, and Debenhams is offering up to 70% off some women's shoes and 50% off selected menswear.
