Tesco, Britain’s largest supermarket chain, has revealed it is to cut prices in an attempt to entice worried consumers and cling on to its share of the UK market.
The cost of more than 3,000 products – including everyday staples such as bread, milk and vegetables – will be lowered from the start of next week. Around £500 million is to be invested in response to the current lull in the British retail sector.
“Across the country families are telling us the same thing - their budgets are under real pressure. They want more help today to afford everyday essentials,” said the group’s UK chief executive Richard Brasher. “We have listened carefully.”
Mr Brasher added that Tesco will look to make the process of finding the best deals at its stores “more straightforward” by reducing its reliance on promotions in favour of offering savings across its product range.
Last weekend, the Sunday Times claimed Tesco was among the potential bidders for Garden Centre Group, which was recently put up for sale by its owner, the part-nationalised Lloyds Banking Group.
