Retailers are cutting prices heavily in the run-up to Christmas, hinting that the high street is still some way behind the general economy's recovery.
Marks and Spencer, Debenhams and House of Fraser were among the stores expected to slash prices by up to two-thirds during one of their busiest days of the year.
M&S said it would be cutting prices by 30% during a one-day sale on all non-food items on Saturday.
It will be the first time in five years the group has tried the tactic at its 770 British stores. In 2008, Stuart Rose, the chief executive at the time, was battling weak consumer demand during the financial crisis.
The M&S website was also advertising up to 50% off gifts and selected beauty products on Friday.
Debenhams was advertising similar price cuts in store on its website on Friday while House of Fraser was offering up to 66% off selected lines on its website
With Christmas Day falling on Wednesday and consumer confidence higher than at any time in the last few years, stores were hoping to cash in on a boom weekend for sales.
A study by PwC carried out earlier in the week found that, although the number of retailers offering discounts was down slightly, the average price cut being offered on the high street last week was 46%, compared to 44% for the same week last year.
UBS said yesterday that retailers were hitting the "panic button" by offering big discounts this weekend.
Footfall on Oxford Street this week is down almost 10% on last year.
Barclays was predicting that Friday was going to be the busiest day of the year for its cash machines.
Between noon and 1pm customers were due to withdraw £27,000 a second. Barclays estimate that consumers will spend £47bn this month.
Mark Hudson, retail consulting leader, PwC, said: "As we all get ready for that frantic last weekend of shopping before the big day - it appears that despite much more positive economic news, the level of discounting seems broadly in line with last year, proving that promotions are still a key weapon to drive footfall.
"But some retailers are still holding their nerve and will be looking to pick up on a big final weekend - and once online shopping activity is no longer a threat.
"However, expect to see further sale activity on the final two days as savvy last-minute shoppers hold out for pre-Christmas bargains."
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