Sainsbury’s is claiming that it has invested a total of £220m in lowering prices during its current financial year, which ends on 2 March.
From cutting prices on everyday products to rolling out its Nectar Prices scheme, the group noted that since launching its ‘food first’ strategy in 2020, the total investment in pricing is £780m. This has been supported by its ‘Save to Invest’ programme, which has seen £1.3bn saved across the business over three years to invest back into its customer offer.
Earlier this month, Sainsbury’s increased its Aldi Price Match campaign to a total of 550 products, almost doubling the range year-on-year. The group noted that new additions mean customers’ entire weekly shop covering breakfast, lunch and dinner can be price-matched to the discounter.
Meanwhile, Sainsbury’s is ramping up its Nectar Prices scheme this month, which currently covers over 6,000 items. From this Wednesday until the end of the month, shoppers will find half-price deals across many leading brands, including Cathedral City, Lurpak, Muller, Persil and Cif.
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 whatever they are shopping for, they will find great value on the products they love at Sainsbury’s.”
NAM Implications:
- Sainsbury’s is patently firing on all price-cylinders.
- Making it different…
- …and more appealing to shoppers.
- And by maintaining quality, it should retain the resulting momentum…
