Marks and Spencer has committed to price-locking 140 popular food items, maintaining affordability amid economic pressures.
- Key price reductions include essential goods like cheese, butter, and a variety of staple produce items.
- M&S’s strategic move supports British farmers while ensuring quality, with significant emphasis on animal welfare and sustainable practices.
- The retailer anticipates profit growth following a strong performance with food sales increasing by over 11%.
- This initiative is part of M&S’s continuous effort to offer value to customers without compromising on product standards.
Marks and Spencer has announced a strategic move to lock prices on 140 popular food items, ensuring affordability for consumers while maintaining quality standards. This initiative includes significant price reductions on core products such as cheese, butter, and apples. For instance, the price of 350g British mature cheddar has dropped from £2.80 to £2.65, and 250g British salted butter is now £1.80, down from £1.90.
Among the products with price locks are RSPCA Assured outdoor-bred British pork sausages, available for £2 for a pack of eight, and homestyle frozen chips priced at £2.50 for 1kg. These adjustments are part of M&S’s ‘Remarksable Value’ range, highlighting their commitment to delivering value amidst economic challenges.
M&S Food MD, Alex Freudmann, underscored the company’s dedication to offering substantial value, emphasising that customers continue to prioritise value without expecting quality compromises. He stated, “This week we’re delivering big investments in value on the shelf by extending the price lock on over 100 products.”
M&S is not only focusing on consumer prices but also supporting British agriculture. The retailer’s Milk Pledge ensures a fair price is paid to dairy farmers, reflecting their commitment to sustainable and ethical sourcing. This effort is part of M&S’s broader Farm to Foodhall campaign, which showcases farmers like David Irwin, who adhere to high RSPCA Assured standards.
The initiative comes at a time when M&S’s food sales have surged by over 11% in the 19 weeks leading up to 12 August. The company now expects profit growth in the fiscal year ending 1 April 2024, further underscoring the potential positive impact of their pricing strategy on overall business performance.
M&S’s commitment to price-locking essential food items reflects a strategic initiative to balance value and quality, supporting both consumers and British farmers.
