John Lewis may axe price pledge

THE John Lewis price promise has held strong for 95 years and is almost as well known as the venerable department store itself.

But, as Britons desert high streets in favour of shopping online, the chain’s awkwardly worded ‘Never Knowingly Undersold’ slogan could be about to go the way of many town centre stores.

New chairman Dame Sharon White is expected to map out a review of the firm on Thursday and ask department store bosses to reassess the pledge.

The promise guarantees that shoppers will be offered the same price as any high street competitor, either in store or online, and sold with the same service conditions.

It does not apply to onlineonly retailers or, crucially, fire sale promotions held by rivals going bust. Its sister chain Waitrose is also exempt. But the internet shopping revolution has made the promise superfluous, experts suggest, particularly as John Lewis seeks to distance itself from beleaguered rivals with more exclusive brands and more own-label products.

Retail expert Bryan Roberts said: ‘It’s an important part of the John Lewis heritage and is a very reassuring message for their loyal customers. That said, this was formulated a long time before the internet and modern day retailing has made this promise and customers understanding of what it means far more problematic.’

He added: ‘I’m sure there will be gnashing of teeth if this gets pulled. But what’s not clear is just how many people hold them to the promise anymore. People go to John Lewis for lots of reasons. Price is one of them but perhaps not the main one.’ The slogan was famously launched in the company’s Peter Jones store in London’s Sloane Square in 1925 and by the 1980s it was regarded as part of the chain’s lifeblood.

Online shopping pummelled many rivals into relentless price cuts. Although John Lewis has proved more resilient than most, profits have plummeted despite a more stable performance at grocery arm Waitrose. Boss’s review rules nothing out: Financial Mail, Page 101