Business clothing giant slashes prices due to global financial crisis
United Kingdom’s largest men and women’s business clothing retailer Marks & Spencer Group Plc has reportedly slashed down the prices of its merchandise in its outlets at Ireland to keep up with the tough financial crisis and fluctuations of the local currency.
The price cuts can get as high as 10 percent. The company’s furniture and other home ware products could give a discount of up to 12 percent.
These developments were announced by the London headquarters of the company earlier this week.
According to reports, the increase of the euro’s value against the pound resulted to influx of visitors in Ireland to do the shopping. Consumers are availing of the fluctuation of the currency by buying the latest line of men and women’s business clothing and other merchandise.
The company’s rivals have already resorted to price cuts just recently with the same reasons.
There are about twenty Marks & Spencer stores in Ireland. The price reductions are scheduled to take place later this week. According to company official Jonathan Smith, this is the “right thing” for the company to do in line with the current financial climate.
