Retailers slash prices for mid-year sales

Australian retailers are making massive price cuts in a bid to lure shoppers to the mid-year sales.

Shop owners have said that high interest rates and the unseasonably sunny weather have resulted in dwindling consumer activity.

Paul Zahra, general manager of stores for David Jones, told the Herald Sun: "It is a genuine clearance for us. We’ve got really a month to clear winter merchandise.

"In July, our summer merchandise arrives and we don’t have rubber walls – we’ve got to create the space."

Such discounts may interest Aussies wishing to compare debit cards in search of the best spending tools. Myer spokesman Mitch Catlin told the newspaper that the scale of the mid-year sales would be equivalent to Boxing Day.

"It is largely driven by the fact consumers are looking for the best value they can possibly get, and I think retailers have to respond," he said.

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