Fears late Christmas shopping surge is too little, too late for some retailers

With only days left until Christmas, the West finally went shopping this weekend as millions of people took advantage of the massive price cuts at high street stores.

The expectation that savvy shoppers were delaying making purchases until the last moment in the hope of further price reductions and early sales bargains appeared well-founded.

With stores slashing prices by up to 70 per cent, out-of-town shopping centres around the country reported queues forming before 9am.

A spokesman for Capital Shopping Centres, which has interests in 14 regional shopping centres, including The Mall at Cribbs Causeway, Bristol, said: "Shoppers have held out for the bargains this year.

"With just days left to go, we are seeing an influx of guests to our centres.

"Must-have items have been selling strongly. Nintendo Wiis, mobile phones, laptops and DVD sales top the list."

The British Retail Consortium (BRC) said shoppers had put off spending until later than usual this year.

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 canceling it entirely."

Tesco is opening 543 stores for 24-hour trading from Monday until Christmas Eve.

Commercial director Richard Brasher said: "Customers are telling us that they are delaying their main Christmas purchases as they wait for bargains."

Sainsbury's and Asda are also opening stores for 24-hour shopping. An Asda spokeswoman said its shops were reporting business was brisk with beer and wine, CDs and food proving particularly popular as people stock up for Christmas.

Many major retailers have already announced large price cuts in a bid to drum up trade. Marks & Spencer cut prices, with 30 per cent off clothing lines until Christmas Eve and half-price offers on selected food and drink. Debenhams is offering up to 70 per cent off some women's shoes and 50 per cent off selected menswear.

Meanwhile, men made a late dash for presents last week, department store chain John Lewis has said.

The group, which has a store in Cribbs Causeway, has seen strong sales in items men traditionally give to their partners – such as fragrance and lingerie.

Patrick Lewis, the group's director of retail operations, said ranges such as Clarins and Clinique were selling well, as were old favourites such as Chanel No.5. During the seven days to December 20, the chain's sales were 1.3 per cent up week-on-week, although sales were 1.8 per cent below the same week last year.

Despite this optimism, insolvency experts have warned more retailers are set to go to the wall in the next month .

Following the collapse of Woolworths and MFI, up to 15 more big names could go bust, according to Begbies Traynor partner Nick Hood. He said: "I would not be surprised if between 10 and 15 national and regional chains collapsed before the end of January."

Derek Lovelock, whose Mosaic group owns fashion chains Karen Millen, Coast and Warehouse, said: "It is the worst run-up to Christmas I have ever experienced. The likelihood is that there is too little time left for the majority of retailers to make up the shortfall from the past two months."