Waitrose slashes prices in bid to win over middle class shoppers from Marks and Spencer
Waitrose is cutting prices for the fifth time in over a year as it battles Marks and Spencer as the favoured grocery spot of middle class shoppers.
The supermarket, which is one part of the beleaguered John Lewis Partnership, said on Wednesday the cost of a further 200 items would be lowered by an average of seven per cent.
The price of organic potatoes will be cut by 18.8 per cent to £1.95 and its own brand baked beans will be reduced by 11 per cent to 40p.
It follows another round of price cuts announced in February by the business, which has invested £130m into reducing costs for customers in the last year.
Charlotte Di Cello, commercial director for Waitrose, said: “Our commitment to giving our customers great value for money continues with our latest investment in price.
“We are focusing on even more weekly shop staples as well as a large range of organic ingredients which our customers love.”
She added: “We continue to offer market-leading quality on our higher welfare products, such as chicken and outdoor-bred pork alongside our best seasonal fruit and vegetables.
“As always, our quality won’t change but our prices will drop allowing customers to enjoy great value with no compromise.”
It comes amid a period of fierce competition from grocers as they battle to keep their prices as low as possible to entice customers feeling the pinch of high inflation.
Fellow middle class supermarket M&S has managed to grow its customer base amid the cost of living crisis.
Figures from NIQ show the FTSE 100 grocers market share increased by over 11 per cent in the 12 weeks to March, surpassing Asda and Morrisons.
John Lewis and Waitrose have trailed behind Marks and Spencer, who also fell on hard times, but managed to regain its customer base by offering trendy goods and overhauling its estate.
However, Dame Sharon White, who chairs the Partnership appears to be taking a page out of the high street stalwarts book.
Last month, JLP said it would invest one billion pounds into the refurbishment of Waitrose stores and would also look to open a handful of more sites. An announcement on the exact number is expected in the coming months.
Last year Waitrose reported a five per cent rise in sales to £7.7bn.