How the January sales keep going on and on as shops try to boost their flagging takings

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Retailers are offering hundreds of thousands of money-off vouchers, extended sales and heavy discounts to boost their flagging takings.

Many are sitting on vast quantities of unsold stock and so have extended the January sales well into February.

Shoppers can get more than 50 per cent off products at fashion outlets, furniture stores, electrical retailers and DIY chains.

A number of leading retailers have admitted to disappointing Christmas sales as the slowing housing market, credit crunch and fears over debt hit consumer spending.

Marks & Spencer has distributed 800,000 vouchers offering 20 per cent off clothing, food and homewares this weekend. It has sent 70,000 staff and M&S pensioners the vouchers to be distributed among their family and friends.

M&S insists the vouchers are part of a long-standing programme of staff benefits. However, firms such as Gap and the big department stores are increasingly using similar vouchers to host "secret sales."

These allow firms to improve takings without advertising sales inside the stores, which can make them look desperate. Others, however, are emphasising their reduced prices.

The slowdown in the housing market has made trading particularly difficult for furniture and DIY stores.

As a result, many have been running sales for the seven weeks since Boxing Day.

Homebase is running a 10 per cent off promotion for everything in its stores, ending at close of business Saturday.

The company is also offering an extra 15 per cent off the sale prices of some kitchen and bathroom ranges. Its competitor Wickes has 50 per cent off many kitchens.

Land of Leather is offering a package including two sofas and a footstool for £599, a claimed saving of £1,400. Argos is offering cuts on 3,000 items, including a 37in Acoustic Solutions LCD TV, down £220 to £429.99.

French Connection is still running its Christmas sale, offering 75 per cent off many items. Laura Ashley has 20 per cent off decorating and home furnishings .

But experts are predicting that the sales will not be enough to turn around the fortunes of some High Street retailers.

Neil Saunders, of the retail analysts Verdict Research, said: "There just isn't enough growth to go around between existing physical retailers, new space and the internet. Something, somewhere, has got to give."