Waitrose to cut prices with £100m investment
Waitrose will be investing £100m this year, reducing prices on hundreds of products to help consumers cope with the cost-of-living crisis.
Over a quarter of the supermarkets own-brand products, including 250 of its budget ‘Essentials’ range, will be cut by over 20%.
CEO of Waitrose, James Bailey, told The Grocer: “This all adds up to a more affordable, accessible Waitrose.” He explained that the retailers’ 5-year efficiency programme, launched in 2020 by parent company John Lewis, has made room for reinvestment in its pricing.
“We’ve known for a while that we’d like to become more affordable, more accessible, but it’s about creating the headroom for that and then thinking long-term,” Bailey said.
The announcement marks a significant change for Waitrose, which had been experiencing falling sales over the past year. Waitrose has resisted price cuts as a response to the cost-of-living crisis, instead focusing on its commitment to quality and sourcing credentials.
However, Bailey insists that the new price cuts do not mean a compromise on Waitrose’s commitment to quality and sourcing as the company invested £56m in farmers last year.