// John Lewis will retire its famous Never Knowingly Undersold pledge
// The department store will invested £500m into “great value prices”
John Lewis has said it is retiring its Never Knowingly Undersold pledge as it commits to a £500 million investment in”great value prices” over the year.
The investment comes as the department store learns that customers have changed how they shop.
The Never Knowingly Undersold pledge is set to be scrapped his summer.
READ MORE: Calls to force retailers to seek ethical agenda “go too far”, says John Lewis boss
John Lewis said Never Knowingly Undersold is no longer enough to assure trust because it applies to fewer sales as shopping moves increasingly online, and isn’t applicable to online-only retailers.
The retailer is replacing it with a new approach. The £500 million investment into value is 25% higher than the amount it spent on keeping prices affordable last year.
“Customers are tightening their belts and we’re responding so John Lewis is more affordable for every customer, every day whether shopping in-store or online,” John Lewis executive director Pippa Wicks said.
“Never Knowingly Undersold has been a cherished sign of trust for John Lewis for a century but it doesn’t fit with how customers shop today as more purchases are made online.
“Our new £500 million investment means all our customers can trust they’re getting the quality, style and service they expect from John Lewis at great value prices.”
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