Marks & Spencer has strategically frozen prices on 140 selected staple food items, aiming to support customers and farmers alike. This decision comes alongside price reductions on essential products like cheese and butter.
- M&S has locked prices on popular products such as British pork sausages, frozen chips, and Braeburn apples to maintain affordability.
- Cheese and butter see notable price reductions in this initiative, aligning with M&S’s ‘Remarksable Value’ range focus.
- M&S’s revenues from food sales have seen a significant climb by over 11% in recent months, hinting at positive consumer reception.
- Alex Freudmann emphasizes on delivering value without compromising quality, reflecting M&S’s commitment to British farmers and RSPCA Assured standards.
Marks & Spencer has taken a significant step in supporting customers by freezing the prices of 140 staple food items until the year-end. Among the products included in this price lock are RSPCA Assured outdoor-bred British pork sausages, offered at £2 for a pack of eight, homestyle frozen chips at £2.50 for 1kg, and Braeburn apples priced at £1.70 for six. Such measures underscore the retailer’s resolution to ensure affordability during challenging economic times.
Focus on core products sees notable price reductions. For instance, the price of 350g British mature cheddar has been slashed from £2.80 to £2.65, alongside a decrease in 250g British salted butter from £1.90 to £1.80. These reductions are part of M&S’s ‘Remarksable Value’ range, a continuation of their dedication to providing cost-effective solutions without compromising on quality.
The retailer’s strategic move has not gone unnoticed, as evidenced by an impressive 11% rise in food sales over 19 weeks leading up to August 12. M&S anticipates further profit growth by April 2024, indicating strong consumer trust in their pricing and quality assurance strategies.
Authorities within M&S, like Food MD Alex Freudmann, stress their investment in value and quality. Freudmann has articulated the importance of balancing price with quality, as customers seek value without sacrificing standards. This initiative is part of the broader ‘Farm to Foodhall’ campaign, which highlights the efforts made by dairy farmers to meet high RSPCA Assured animal welfare standards and the commitment under the M&S Milk Pledge to remunerate farmers fairly.
Since last November, M&S has implemented price locks on numerous essential items, observing a keen interest from consumers. The latest price freeze reflects an extension of this strategy, focusing on more than 70 family staples and further strengthening their market position and consumer rapport.
M&S’s price lock strategy underscores their commitment to providing value and quality, fostering consumer confidence and supporting local farmers.
