The sales are on!
Many traders are slashing prices by 40% from Day One.The sales started in shops across Belgium on Saturday. Right from the start many stores are offering big reductions. The global economic downturn is now being keenly felt on the high streets.
Christine Mattheeuws of the Independent Retailers Association conceded that many traders are slashing prices by 40% from Day One. Reductions are set to rise to up to 70% and even 80% by the end of the January sales.
Ms Mattheeuws noted that, if all costs are counted, retailers are usually selling at a loss if reductions over 40% are offered.
Many retailers need the sales to bring in extra cash so that they can pay for their new collections.
In the course of the morning jams developed on many roads leading to big shopping centres.