John Lewis has reinstated its price pledge ‘Never Knowingly Undersold,’ pleasing numerous stakeholders.
- The pledge now includes major online retailers like Amazon, expanding its reach.
- This decision follows the 2022 suspension, aimed at adapting to the digital marketplace.
- Industry executives view this move as a reconnection with John Lewis’s traditional values.
- Current financial reports show an upward trend for John Lewis, indicating a potential positive impact of this strategy.
The iconic British retailer John Lewis has reinstated its historic price promise, ‘Never Knowingly Undersold,’ as of September 9, much to the delight of industry stakeholders and the general public. This strategic move marks a revitalization of a policy that aligns with the retailer’s core values and consumer trust.
Previously retired in 2022, the pledge is now updated to incorporate online giants such as Amazon and Asos, alongside traditional high street competitors like Marks & Spencer and Next. This expansion to digital platforms signifies an adaptation to modern consumer behavior, acknowledging the significant shift towards online shopping.
Daniel Rubin, founder of the brand Dune London, acknowledged that the price pledge’s return enhances its ‘trusted institution’ reputation. Echoing this sentiment, Simon Donoghue of French Connection emphasized the regret at its initial retirement, indicating that its return is ‘good news’ for both the brand and its partners who operate within John Lewis’s ecosystem.
Peter Ruis, John Lewis’s executive director, justified the 2022 suspension of the pledge by highlighting its outdated framework in a pre-web world. His remarks at a recent briefing pointed to the necessity of modernizing the policy to maintain competitiveness.
Moreover, Richard Utting from Loake Shoemakers noted that the return to this fundamental value strengthens John Lewis’s connection with its loyal customer base, which had been strained by competitive pressures from both digital and high street arenas.
Financial insights indicate a promising trajectory for John Lewis, as recent figures revealed a remarkable recovery with profits reaching £56 million for the fiscal year ending January 2024. The reinstatement of ‘Never Knowingly Undersold’ could further bolster this financial momentum by attracting increased consumer confidence and loyalty.
In reviving ‘Never Knowingly Undersold,’ John Lewis bridges its traditional values with modern market demands.
