This is an interesting question which the group I was in debated at the F2 Business Huddle on Friday 10th February 2017.
Funnily enough on 13th February the BBC reported that customers of a large retail brand are being overcharged by out of date offers read more…
Without going into too much detail of contract law, the price marked on goods is called an invitation to treat. The customer offers an amount of money which may be accepted by the retailer (or it may not). Of course, if the customer’s offer is the same as the amount marked on the goods the retailer is more likely to accept it, but the important point is that they don’t have to.
That is why a retailer is perfectly correct to refuse to sell a 50″ Flat Screen TV which has been mis-priced at £49.99 when it should be £349.99. What they should do is withdraw it from sale rather than just charging the higher price. Because if the retailer charges more than the price marked on the goods then they may breach The Consumer Protection from Unfair Trading Regulations 2008. This is also the case when the till is programmed with a higher price to that marked on the goods.
Do remember that, although not often used in retail shops in the UK, haggling is perfectly feasible.