M&S CEO Stuart Machin has written to six million customers promising value as the retailer pledges to keep over 100 lines price-locked until Easter.
M&S launched an earlier round of price locks on over 100 popular products in November, lasting until the end of January. It is now set to price lock a “refreshed lineup of over 100 customer favourites” until 9 April.
The new lineup will include fresh produce such as British white mushrooms (£1.10 for 300g) and Select Farms easy peeler satsumas (£2 for 900g), cupboard staples such as orange squash (£1.15 for 750ml) and medium egg noodles (£1.15 for 250g), and family essentials such as washing-up liquid (£1).
M&S has not said how many products from the current round of price locks, lasting until the end of January, will also be in the new round, lasting until Easter.
“Trusted value is in our DNA, and as the custodian of the business, I promise that it always will be,” wrote Machin to customers.
The price-locked lines are offered alongside M&S’s ‘Remarksable Value’ range of over 100 everyday staples, which the retailer says have been “benchmarked against key competitors”.
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M&S is also going for consumers trading down from eating out, with the launch on 25 January of a new £10 Chicken Dine In deal for two. The deal includes a higher welfare 100% British whole chicken, or a sweet and smoky spatchcock chicken, alongside three sides from a choice of 13.
It follows the £10 Steak Night Dine In deal, launched in November, of which M&S sold over 324,000 in a fortnight.
“Customers can be confident that when shopping with us they’re getting the best possible quality at the best possible price,” said M&S Food MD Alex Freudmann.
“We know families are feeling the pinch so our focus is to keep delivering on our trusted value promise for 2023 – and carry on making eating in exciting.
“Now more than ever, families are looking for more affordable ways to spend quality time together. Our teams are constantly innovating to bring global-inspired menus to customers, as well as delicious home comforts and classics.
“It’s fantastic to have our brand new £10 Chicken Dine In deal for two hitting the shelves next week, and we can’t wait to see the response from customers.”
M&S last week posted near 10% growth in group sales over the third quarter covering Christmas, driven by bumper growth in food and clothing.
Food sales increased 10.2%, with like-for-like sales up 6.3%, thanks to sales outperforming the market in both value and volume, according to the retailer. Clothing and home sales increased 8.8% with like-for-like sales up 8.6% and “well ahead” of the market.
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