Myer has delayed its traditional half-yearly clearance Photo: Glenn Hunt
Myer has responded to a drop in consumer spending by postponing its annual mid-year clearance while unveiling a one-day stock-take sale this week to entice shoppers into stores.
Australia's largest department store chain is offering discounts as deep as 60 per cent on womens apparel, 50 per cent off menswear and 40 per cent off manchester at the one-day 'stocktacular" sale in-store and online on Wednesday.
Myer plans to hold a series of 'countdown' sales in the lead up to the mid-year clearance, which kicks off on Wednesday June 18 and runs until July 27, or until stocks last.
In the past two years, both Myer and David Jones have launched their mid-year clearance sales around June 5 or 6 and finished by mid-July.
Myer postponed its mid-year clearance for almost two weeks after feedback from customers and in the hope that cooler weather will fuel demand for winter clothing and footwear.
David Jones mid-year clearance starts this week, the same week as it did last year.
Last week both Myer and David Jones said they had no current plans to delay or bring forward their mid-season sales,
But after record-breaking autumn temperatures and a sharp drop in consumer sentiment after the Federal budget, retailers have been left holding higher than expected levels of winter stock.
Sales of fashion and accessories slumped 20.2 per cent in the week after the budget, according to BDO's Australian Retail Index, while total retail sales fell 5.1 per cent.
According to ANZ-Roy Morgan's weekly survey, consumer confidence dropped another 1.1 points last week, falling to its lowest level since May 2009.
The mid-year sales are crucial to profitability in the July half and usually generate more than 50 per cent of second-half earnings for the major department store chains.