M&S Food is investing in the price of over 200 products as part of its drive to improve the competitiveness of its offer.
The retailer is cutting the price of 65 products by an average of 6%, building on the over 200 reductions announced in October last year. Items such as Remarksable Value baked beans, instant coffee, rice, and cream crackers are included in the latest round of cuts.
M&S launched its Remarksable Value range back in 2019. It is now made up of over 100 everyday staples and has helped the retailer become one of the best-performing chains in the grocery sector over the last couple of years.
M&S Food also announced today it is extending its price lock on over 100 items, from soups to shower gel, until after Easter. In its recent third-quarter trading update covering the Christmas period, M&S revealed sales of price-locked products were up 28%.
The retailer noted that its investment comes after its latest Family Matters Index showed that people are feeling less optimistic about their prospects over the next three months (46%) than they did in October (48%). When looking ahead, four in ten stated that they would be consciously spending less and saving more in 2024, with value remaining a top priority when deciding where to shop.
“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,” said Alex Freudmann, Managing Director of M&S Food.
“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 30m customers know and love.”
Meanwhile, to reinforce its value messaging, the retailer has enlisted veteran rockers Status Quo to update their 1977 hit – Rockin All Over The World – to a new version – Saving All Over The Store – which will be played in all M&S stores and across its social media channels.
NAM Implications:
- Being M&S, these Remarkable Value items will be good quality.
- Resulting in a real gain for their shoppers.
- Everyday staples focuses the mind…
- …and the Price Lock makes it accessible in the short and medium-term.
- And it’s working, rivals please note…
