John Lewis to ditch price vow

John Lewis is planning to replace its famous promise to match rivals’ prices as its new boss plans radical changes to the business.

“Never knowingly undersold” has become harder to defend as competition from online retailers has become ever tougher.

The new chief executive Sharon White told a newspaper she expected the price pledge, in place since 1925, to go.

“The proposition is important because it signifies being fair to society. We’re reviewing it to improve it,” Ms White said.

The store chain has announced the closure of eight stores including its flagship Birmingham site which only opened five years ago as it struggles to adapt to the challenges arising from the pandemic.

This year between 60% and 70% of John Lewis’s sales are expected to be online, compared with 40% last year.