Waitrose is cutting prices on hundreds of its own-brand products amid intense competition in the sector. As consumers battle record inflation, the upmarket grocer is investing £100 million reducing the prices of almost a third of its lowest-priced Essential Waitrose range by an average 14%.
Almost a quarter of the cuts, which come into effect from Wednesday, will be 20% or more. The announcement follows grocery price inflation hitting a record 16.7% in the four weeks to January 22 – the highest level since analysts Kantar started tracking the figure in 2008.
This means households are now facing an extra £788 on their annual shopping bills if they do not change their behaviour to cut costs. Kantar said competition in the British grocery sector “is as intense as it’s ever been” as retailers strive to retain shoppers.
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Grocers have been boosting their own-label ranges especially, with sales of these lines growing consistently over the past nine months and by 9.3% in January – well ahead of branded alternatives which were up by just 1%.
Waitrose executive director James Bailey said: "We understand that getting value for money has never been more important for everyone. So we’re cutting the prices of hundreds of everyday favourites from carrots to butter, and tea and coffee, with many cut by 20% or more."
The retailer said it promises to retain its commitments to its farmers and suppliers despite the cuts to shelf prices. In terms of market shares, Waitrose held 4.7% of the grocery market to January 22 with Aldi the fastest growing grocer for the fourth month in a row with sales 26.9% higher year-on-year holding 9.2%.
Lidl’s sales jumped by 24.1% putting its market share at 7.1%.
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