Yahoo Finance Waitrose cuts prices for second time in two months as it fights M&S for shoppers
Waitrose is cutting prices in its stores for the second time in as many months as it battles to regain shoppers from M&S.
The supermarket is lowering the price of more than 200 products by an average of 7pc, including everyday items such as potatoes, butter and chicken breasts.
The price of double cream is being reduced by 12pc to £1.10 for a 300ml carton, while a 260g bag of spinach is falling by 11pc to £1.55.
This follows a previous round of cuts in February and marks the fifth time Waitrose has lowered its prices since early 2023.
Charlotte Di Cello, commercial director for Waitrose, said: “Our commitment to giving our customers great value for money continues with our latest investment in price.
“We are focusing on even more weekly shop staples as well as a large range of organic ingredients which our customers love.”
The decision to cut prices further comes amid fierce competition from middle class rival Marks & Spencer, which has posted improving grocery sales in recent months.
Figures from NIQ last month showed M&S was the fastest growing traditional grocer in the 12 weeks to February 24, with total take at the tills up by 11.9pc.
It meant M&S performed better than German discounters Aldi and Lidl over this period.
Stuart Machin, M&S chief executive, said the company was gaining shoppers from all rivals, including Waitrose. He added that more people were doing their full food shop in M&S stores than in previous years.
However, Waitrose has been plotting a fightback.
The John Lewis Partnership, which owns the supermarket chain, said it will renovate 80 Waitrose shops over the next three years. It is also investing in improved customer service.
It comes as the John Lewis group refocuses on retail rather than racing to diversify away from the high street.
Last month, Dame Sharon White abandoned a target for John Lewis to make 40pc of its profits outside of retail by 2030. Instead, she said she would “unashamedly focus” on its retail operations.
John Lewis is attempting to simplify its business as part of a turnaround, with the company looking to cut £600m of costs by January 2026.
Last month, it put hundreds of jobs at risk at a Waitrose warehouse in Enfield after proposing the closure of the site.
The partnership posted its first annual profit since the pandemic last month.
