Stocks run low as Britain hits the shops

Last-minute Christmas shoppers could be disappointed as Britain's top retailers have deliberately not ordered enough stock.

Stung by a slowdown in spending earlier in the year, leading high-street names have bought less so that they do not have to offer steep discounts in the festive period.

But there now are signs that spending this Christmas could reach new records. Figure to be published tomorrow by the Centre for Economics and Business Research will show that the UK is set to spend £28 billion on Christmas presents, food and drink. The average spend in December is expected to rise to £1,085 this year, up £18 on 2004.Among items running low are iPods, XBoxes and even cakes and mince pies.

Kevin Hawkins, director- general of the British Retail Consortium, said: 'Retailers are trading off tighter stock levels. Decisions were made last spring when confidence wasn't high. The high street is protecting margins, so there won't be massive discounting. Any consumers expecting sales in the last few days before Christmas will be largely disappointed.'

But not all stores are delaying sales. Many, such as BhS, are holding one-day sales while others such as Currys are offering steeper discounts. The electrical retailer is offering up to 50 per cent off selected items before Christmas. Hi-tech shops face immense pressure to lower prices as supermarkets undercut them. Dixons, Comet and Argos are all reducing prices on MP3 players, flat-screen TVs, digital radios and cameras.

Debenhams is offering a 20 per cent sale ahead of Christmas and House of Fraser is also discounting, though none of the other main department stores appears to be following suit. But some clothing retailers, including Gap, Benetton and French Connection are reducing prices.

Supermarkets and shopping centres will extend their opening hours this week in a bid to wring out every last penny from shoppers.

John Lewis is set to be the best performing store. Sales at its department stores and Waitrose supermarkets are up 8.5 per cent on last year.

This year is forecast to see record spending on internet shopping, with Amazon expecting its best-ever Christmas; it has received 99 million orders since the start of November. Many supermarkets have already stopped taking internet orders for delivery this week.

Marks & Spencer, for years in the doldrums, will stay shut on Boxing Day in a move that confirms its strong trading and cautious stock-buying strategy, and Harrods appears to be enjoying a bumper Christmas. Luxury items are selling well, buoyed by City traders expecting six- and seven-figure bonuses.

Yesterday, the last full Saturday before Christmas, was the biggest-selling day of the year, with shopping centres across the country all reporting record numbers.

Sunderland city centre manager Malcolm Hutchinson, said: 'We are seeing a surge of activity because prices are competitive and people are concerned that goods will sell out early.'

Andy Bradley, manager of The Gates shopping centre in Durham, said: 'Spending has increased substantially and the weather has played a part in that, as well as stable interest rates. We only hope that people haven't spent up before the January sales.'

Where to grab the best designer bargains

Liberty
Regent Street, London Sale starts 10am, 27 December- 2 January.

Up to 50 per cent reductions on key brands including Marc Jacobs, Lanvin, Matthew Williamson, Dries van Noten and Vivienne Westwood. Gold brocade coat with epaulettes from Matthew Williamson: was £1,195, now £597.50; grey organza layered dress from Lanvin: was £1,995, now £997.50

Liberty fans: Sienna Miller, Madonna

Selfridges
Starts 9am, 26 December to mid-January, London, Manchester Trafford Centre/Exchange Square, Birmingham.

Up to 65 per cent reduction in all stores and in all ranges. Dolce & Gabbana three-piece suit: was £1,150, now £650; Paul Smith mainline mohair knit jumper: was £139, now £69; Stella McCartney red drop waist dress: was £825, now £412; Gold Sign Envy skinny jeans: was £162, now £81

Fans: Coleen McLoughlin, Jonathan Ross

Harrods
Knightsbridge, London

Starts 9am, 28 December-28 January.

Up to 60 per cent on all items. Skinny Jeans from Rogan: were £149, now £72.95; cocktail dress from Oscar de la Renta: was £4,800, now £2,400; Ozwald Boateng coat: was £869, now £499

Fans: Victoria Beckham, Liz Hurley

John Lewis
Clearance sale, 27 December-15 January, nationwide.

50 per cent reductions on selected CRT televisions (Sony, Panasonic, Phillips, Samsung); up to 75 per cent off selected pieces of Monet jewellery; Royal Keshan Ambusson rug: was £750, now £375

Fans: Jamie Oliver, Paul Rankin

Harvey Nichols
Starts 26 December - Edinburgh, 27 December - Knightsbridge, Dublin, Manchester, Birmingham, Leeds.

Up to 50 per cent off key brands. Blue cap sleeve dress from Gucci: was £1,930, now £965; 70mm knee high boots from Marc Jacobs: was £430, now £258; Galliano suit; was £1,370, now £959.

Fans: Sarah Jessica Parker, Tara PT

Habitat
Winter sale 22 December-31 January, with selected stores open on Boxing Day.

Up to 50 per cent off nationwide. Dakota three-seater sofa: was £599, now £299; Fauna bedlinen, double duvet: was £39, now £19.50; Pan cookware, three saucepans: was £90, now £60

Fans: Julian Clary, Ross Kemp

Bluewater, Dartford
John Lewis - 27 Dec, 9am
Debenhams - 26 Dec, 9am
HMV - 1 Jan, 10am
H&M - 22 Dec, 9am
Topman - 26 Dec, 11am


Meadowhall, Sheffield
Debenhams - 26 Dec, 8am
Marks & Spencer - 27 Dec, 8am
HMV - 1 Jan, 11am
H&M - 22 Dec, 9am
Topman - 26 Dec, 9am


The Italian Centre, Glasgow Versace - 26 Dec, 10am
Armani - 26 Dec, 10am