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Retail

UK's Iceland Extends Price Reduction Initiative

By Dayeeta Das
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UK's Iceland Extends Price Reduction Initiative

Frozen food retailer Iceland has announced a further round of price cuts on 'weekly shop' items, taking the total number of reduced priced products to more than 1,000, according to a report in the Retail Gazette.

Iceland's price reduced items include, among others, Lurpak Lighter Spreadable Butter, Richmond Thick Pork Sausages 40 Pack, Aunt Bessie’s Roasties and Iceland Chicken Thigh Fillets.

The initiative is part of the Iceland's pledge to invest £26 million (€30 million) annually to support shoppers as they navigate through a cost-of-living crisis, the report said.

Executive chairman Richard Walker told the publication that the company has "doubled the number of price-slashed products" and "greatly expanded" its range of £1 items in just two months.

Price Cuts

Earlier this month, British supermarkets Waitrose & Partners and Aldi announced further rounds of price cuts.

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Waitrose said it would lower the prices of a further 250 products by an average of 10%, while discounter Aldi said it would cut the prices of 55 fruit and vegetable products by an average of 11%.

Charlotte Di Cello, commercial director at Waitrose, stated, "Giving our customers good value for money is a priority and we continue to work hard to keep our prices low, whilst maintaining our quality and supporting our fantastic farmers."

Elsewhere, supermarket groups in France could demand price cuts of 2% to 5% from food manufacturers in negotiations set to kick off soon, the head of retailer Les Mousquetaires told lawmakers in a roundtable with executives.

Consumer goods firms like Nestlé, Lindt and Unilever may face increased pressure across Europe to cut prices after being singled out by French retailers and politicians, industry experts said.

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