Retail in Asia

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Cold snap to help retailers clear winter stock

A cold snap that sent temperatures plunging along Australia’s east coast could not have come at a better time for retailers desperate to clear winter stock after unseasonably warm weather in autumn.

As department store chains Myer and David Jones and specialty retailers such as Portmans, Saba, Oroton, David Lawrence and Cue kicked off their mid-season clearance sales this week, a wintry blast dumped a foot of snow in ski resorts and sent the mercury tumbling below zero in large parts of NSW, Victoria, the ACT and even Queensland.

Analysts said the cold snap would help retailers sell through winter stock such as coats, woollens, boots and scarves that had been piling up since February and March, despite a rebound in consumer confidence after the federal budget.