RETAILERS IN Cork were yesterday slashing prices by 50 to 70 per cent in a bid to entice shoppers in to the city.
Spokesman for the Cork Business Association, James O'Sullivan, said earlier indications suggested that business in the city centre was "brisk".
"So far so good really. People are looking for value for their buck and there is value out there. The early indications are that people are spending a bit and sales-wise that is very positive. I still believe people are holding on to money maybe for a rainy day scenario."
Mr O'Sullivan said traditionally Stephen's Day would kick off the sales season, but this year sales started before Christmas.
During the run up to the 25th Debenhams in Patrick Street and Mahon Point offered 20 per cent off many items. Marks and Spencer also slashed the cost of their products. Discounts and promotions on a scale unprecedented for the run-up to Christmas, combined with weak sales, have put margins under severe pressure.
City car parks were normally just three-quarters full until the last five days before the holidays.
Owners say they are relying on a big turnout in the coming weeks.
Retailers in Cork have indicated that sales are down in the region of between eight and 10 per cent.
Meanwhile, in Ennis, spending was considerably lower than in previous years.
Ennis Chamber of Commerce chief executive Rita McInerney, said starting the sales on a weekend may have had an impact on the early turnout.
"I think by early next week many people will be more motivated," she said.
"Most retailers are telling us their trade has returned to 2001 levels. The pre-Christmas sales were the most extensive we have witnessed so that has had an impact. Money is certainly tighter, and I think that is being reflected nationally also."