Tesco has today (16 September) unveiled a swathe of price cuts and the launch of a low-cost range of products as the price war among UK retailers hots up.
Just a day after rival grocer Asda announced it would be making over 5,000 price cuts in its stores, Tesco fired its own salvo as it looks to win over the UK’s increasingly price-conscious consumers.
The company has launched a range of 350 products under the Discount Brands at Tesco label, ranging from tea bags to biscuits, The company is also cutting prices on “hundreds” of products as it proclaims itself “Britain’s biggest discounter”.
Commercial director Richard Brasher said: “As customers tighten their belts in hard times, they tend to shop around for the best prices. Our research shows just how keenly they are feeling the need to watch their budgets. We already offer incredibly low prices and have our Value range for basics. From today we will offer our customers an incredible range of low-cost brands – from Market Value apples and Trattoria pasta sauces to Daisy washing powder and Pro-Vitamin shampoo.”
He added: “This is discount shopping with all the added quality and service customers want and have come to expect from Tesco.”
The UK’s “Big Four” retailers – Tesco, Asda, Sainsbury’s and Morrisons – are all battling to appeal to consumers’ concerns with the state of the economy and their personal finances.
Furthermore, discount retailers are gaining in popularity in the UK. The latest data from industry analysts TNS, out yesterday (15 September), showed that the likes of Aldi and Lidl continue to gain share of the UK grocery market and are enjoying double-digit sales growth.