UK retailer Marks & Spencer plans to invest in a new round of price cuts involving around 65 products with an average reduction of 6%.
The initiative will see price reductions in the Remarksable Value favourite baked beans, Fairtrade Rich Roast Instant Coffee and Easy Cook Long grain rice, among others.
M&S Food is also extending its 'price lock' offer on over 100 customer favourites, from soups to shower gel, until after Easter.
In its recent trading update, the retailer revealed that the sales of price locked products in the third quarter were up 28%.
'Focus On Quality'
Alex Freudmann, managing director of M&S Food said, “Our customers are telling us that value is still very much front of mind as we start off 2024. In response, we need to keep delivering on our trusted value promise – offering the best possible quality at the best possible price.
“Our value and quality perception are at their highest point in six years compared to the market but we can’t be complacent. We need to keep our relentless focus on quality – making sure each and every product we offer has that M&S point of difference, from raising the bar on animal welfare to leading the way in responsible sourcing. All while, of course, offering that touch of M&S magic our 30-million customers know and love.”
In 2019, the retailer launched its Remarksable Value range, offering over 100 everyday staples with an M&S quality point of difference and price benchmarked against key competitors.
Over half of Remarksable Value products feature the Eat Well health seal of approval, meaning they meet criteria developed by M&S nutritionists in partnership with the British Nutrition Foundation.