Marks and Spencer cuts prices in bid to help with shopping crisis
MARKS and Spencer has become the latest grocer vowing to keep prices down for shoppers grappling with the cost of living crisis.
The 138-year-old retailer has been trying to move past being seen as a luxury option or destination for ready meals, expanding its choice of supermarket-style goods.
It launched a ‘Remarksable’ value range in 2019 and has since ploughed in £100million to offer low prices on products such as minced beef, milk and bananas.
And yesterday, in a bid to rival the UK’s biggest grocers including Tesco and Sainsbury’s, it slashed prices across its range.
In a letter to customers, incoming chief executive Stuart Machin promised to maintain the brand’s high quality products while offering ‘a great everyday price’.
He outlined new lower prices for the Remarksable products including milk, bread, beef and spaghetti. Mr Machin said: ‘We want M&S to be more relevant, more often and that’s why now is the right time to go further, by investing in the value of everyday items families buy week-in week-out, without compromising the quality our customers want and expect from us.’
M&S also expanded its iconic Dine in For Two deal to cover the whole family. Later this month Family Dine In options will include a £10 pizza offering to feed a family of four as well as lasagne and Mexican options.
Shoppers are tightening their belts as the cost of living crisis escalates. They faced a hit this month as the energy price cap jumped by £700 to almost £2,000. Official forecasts have also predicted inflation will approach 10 per cent this year. Asda last month ramped up the price war between the supermarket giants as it launched a budget range to compete with rivals.
It is launching a Just Essentials range at all its stores and online in a bid to keep prices down for shoppers.
Sainsbury’s and Tesco have also both committed to keeping prices down for customers as inflation spirals. Meanwhile, the German discounters Aldi and Lidl have both made separate promises to be the UK’s lowestpriced supermarkets this year.