Grocery giants Sainsbury’s and Marks & Spencer have today unveiled fresh investments in price as the two look to build on strong food performance over Christmas.
Sainsbury’s said it has invested £220m in price this financial year alone and expanded its Aldi Price Match to its largest ever offering, now covering 550 “customer favourites” including the entire baby range.
Alongside the investment in Aldi Price Match, Sainsbury’s said Nectar Prices now cover 6,000 products across its range, with a half-price offer on brands such as Cathedral City, Lurpak and Innocent starting from Wednesday.
Sainsbury’s chief executive Simon Roberts said: “We’ve been working hard to reduce costs across our business so that we can give more value back to our customers and help to bring down inflation.
“Our investment of £220m this financial year and £780m over three years into lowering our prices means that customers can be confident that, whatever they are shopping for, they will find great value on the products they love at Sainsbury’s.”
Marks & Spencer has also unveiled a new spate of price cuts across its grocery range, with a total of 200 items lowered.
The retailer said 65 products will see an average 6% reduction, alongside a further 200 price cuts across its Remarksable Value range announced in October 2023.
Managing director of M&S food Alex Freudmann said: “Our customers are telling us that value is still very much front of mind as we start off 2024. In response, we need to keep delivering on our trusted value promise – offering the best possible quality at the best possible price.
“Our value and quality perception are at their highest point in six years compared to the market, but we can’t be complacent. We need to keep our relentless focus on quality – making sure each and every product we offer has that M&S point of difference, from raising the bar on animal welfare to leading the way in responsible sourcing. All while, of course, offering that touch of M&S magic our 30 million customers know and love.”
M&S added that, given the importance of value to customers, chief executive Stuart Machin will this week write to customers “reaffirming his commitment to delivering the best possible quality at the best possible price in the year ahead across food and clothing and home”.