Retail giant Tesco has revealed it intends to slash prices on more items over the Christmas period, after its Big Price Drop enticed thousands of customers through its doors.
Speaking to the Daily Telegraph, the retailer’s UK head Richard Brasher suggested the original promotion had helped reduce the impact of high inflation on household budgets and claimed Tesco had increased the number of transactions since the scheme was first launched.
“Customers have money to spend but they will not part with it unless it's absolutely right, be it price or range or quality,” he explained, adding that some large Tesco shops will stay open until late on Christmas Eve to allow shoppers to pick up those last-minute essentials.
While Mr Brasher declined to put an exact figure on the latest round of price cuts, he confirmed it would be in addition to the £500m in discounts already announced. However, rival Sainsbury’s claimed the Big Price Drop had in fact amounted to a “sneaky price rise” and said it was “confident that customers won’t be fooled again”.
Office for National Statistics data revealed a 0.2 per cent decline in consumer price inflation last month, with the ongoing supermarket price war singled out as a significant factor.
