STORES are set for a record £80billion splurge by Christmas as Black Friday kick-starts shopping.

But crisis-hit chains were warned the spree is not a magic wand.

Brits will blow £8billion this Black Friday weekend but price reductions of up to 88 per cent are cutting profit margins to the bone, experts say.

The £79.7billion spend in the six weeks to Christmas Eve will be up 1.2 per cent on last year’s £78.7billion, the Centre for Retail Research said. But the high street’s share is expected to fall by around two per cent year-on-year to £54billion.

Online shopping will leap by ten per cent to almost £26billion.

CRR chief Prof Joshua Bamfield said: “Everyone’s trying to avoid being the next chain to shut stores.” This year House of Fraser collapsed and Evans Cycles and Poundworld fell into administration.