Summer Sale To Soar

Record summer sales are being launched, with stores offering huge discounts in an aim to win back shoppers who are worried about housing market and rising interest rates. With stores such as Harrods expected to slash designerwear prices by 50 per cent, Londoners are in for a real bargain this summer.In the next few weeks, dozens of major London stores will start what is expected to be one of the most competitive summer sales seasons ever. A spokesman for the British Retail Consortium told ES: "The recent hot weather has created a feelgood factor and people are spending on themselves, which bodes well for the summer sales.

A spokesman for the London Chamber of Commerce said: "We're anticipating a robust and healthy sales period. Shoppers are shrugging off the recent interest rate rise and continuing to spend freely. Even so, they are being quite selective and shops will have to work hard to draw them in by offering well-priced, well-targeted products."

Trading this year is already better than last when the Central line closure and war in Iraq took their toll. But stores say the congestion charge continues to present them with a challenge. According to the Regent Street Association, customer numbers are down - but those who do come into central London are "serious shoppers rather than browsers".