M&S to sell this spring’s fashion next year

BRITAIN’S biggest clothing retailer Marks & Spencer is among a string of shops mothballing stock until next year to avoid slashing prices.

The nation’s shuttered shops are set to reopen on June 1 if the pandemic is under control.

But bosses fear desperate discounting and weak demand may mean liquidating stock at significant losses after a ‘lost season’ on the high street.

Next and Debenhams also plan to ‘hibernate’ stock.

The strategy is being reserved for ranges they believe will not be out of date when they finally hit shelves next spring. It includes ‘fashion basics’ such as plain T-shirts, and staples such as jeans and suits.

Next said it had identified £330 million worth of stock which can be carried over until next spring.

Sources said the retail value of stock considered for hibernation may be billions across the sector and warehouse space is already scarce. Unpalatable alternatives are said to include incinerating the clothes.

One small retailer said: ‘If you don’t need the cash this minute, locking it away for 12 months might be the best option.’