Shops face worst ever January

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January is traditionally a lean time and retailers are straining already tight margins with further price cuts, such as a £500 handbag cut to £80 at Selfridges. Anita Manan, senior analyst at Experian Business Strategies, called the start to the year "depressing" with retailers leaving "no excitement" for shoppers after Christmas discounting.

At least 10 retailers have collapsed in the past two months, including Woolworths and MFI. The remaining 200 out of 807 Woolworths branches will shut for good tomorrow. Ms Manan said: "It will be survival of the fittest. Consumers will become more focused on purchasing necessity products, limiting the numbers purchasing luxury items to the carefree consumers with disposable income."

Delia Hyde, spokeswoman for the New West End Company, said: "We saw a shopping frenzy in December and are now returning to normality."