// Waitrose and the Co-op cut prices on hundreds of essentials this week
// Waitrose is lowering the prices on over 200 of its basic own-label products
// Co-op is investing £50m in lowering the prices on more than 300 branded and own-label products
Waitrose and the Co-op are reportedly slashing prices on hundreds of essentials this week in an effort to square up to supermarkets and lure customers ahead of the crucial Christmas trading period.
Upmarket grocer Waitrose is lowering the prices on over 200 of its basic own-label products from Wednesday, including beef mince, tea and washing-up-liquid, by an average of more than 15 per cent, The Guardian reported.
Meanwhile, the Co-op is investing £50 million in lowering the prices on more than 300 branded and own-label products, including rice, pasta and coffee, by nearly 15 per cent on average. Its “Honest Value” will include 50 items, including meat, soft drinks, fruit and vegetables.
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This move by the Co-op follows a promise from group chief executive Steve Murrells that it would look to invest in price to stay competitive.
“Value is uppermost in the minds of shoppers,” Co-op stores chief executive Jo Whitfield said.
The supermarkets are taking action after their bigger rivals launched a price war in an attempt to win over more budget-conscious shoppers.
Tesco began its price cuts in June with a pledge to match Aldi on nearly 500 products – extending an existing promise to match the discounter on some items.
Moreover, Sainsbury’s announced price cuts on 1000 products, Asda said it would invest £100 million on price cuts and Morrisons said it was cutting prices on 400 items in September by an average of 23 per cent.
Nevertheless, Marks & Spencer said in August it will heat up the competition against major UK grocers by promoting ‘everyday prices’ as part of its transformation strategy.
The retailer spent months developing a range of food products to transform its image and convince households to do their regular food shop at its stores.
M&S launched its “remarksable” campaign which meant 240 of its grocery staples are now at everyday prices.