John Lewis ditches ‘never knowingly undersold’ pricing pledge
John Lewis will ditch its iconic “never knowingly undersold” pricing pledge on the grounds it does not reflect the current retail landscape, as high street stores look to fend off competition from online retail giants.
The department store chain said it would drop the slogan this summer, but committed to pumping £500m into lowering product prices as shoppers increasingly feel the crunch of soaring prices.
Pippa Wicks, an executive director of John Lewis, said: “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.
“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 £500m investment means all our customers can trust they’re getting the quality, style and service they expect from John Lewis at great value prices.”
It comes as retailers look to fend off the threat of online retail giants like Amazon and battle soaring inflation, with prices rising across supply chains.
The “never knowingly undersold” pledge has bitten in to revenues as John Lewis was forced to cut prices whenever a rival held a sale on a product.