With store fronts screaming that everything must go, promising eye-popping discounts and final reductions, as they have done for much of the summer, shoppers could be forgiven for thinking that unprecedented bargains are on offer this year from struggling retailers desperate for custom.

They might be disappointed. In spite of the hype, figures indicate that the level of discounting across much of the high street is, in fact, lower than last year. That may seem counter-intuitive in a sector where profit warnings and share sell-offs have become the norm, and the apparently relentless mid-summer sales – traditionally two or three weeks in late June or July – are stretching further into August.