M&S Food Invests in Value with Price Cuts and Locks Prices on Customer Favorites

M&S Food Invests in Value with Price Cuts and Locks Prices on Customer Favorites

(IN BRIEF) M&S Food is making an investment in value by reducing prices on over 200 products, including 65 with an average reduction of 6%. Popular items like baked beans, instant coffee, and rice are among those receiving price cuts. In addition, M&S Food is extending its price lock on over 100 customer-favorite products until after Easter, ensuring price certainty for shoppers. The move comes as the Family Matters Index reveals that value remains a top priority for customers, with many planning to consciously spend less and save more in 2024. M&S CEO Stuart Machin is writing to customers to reaffirm the brand’s commitment to delivering quality at the best possible price across Food and Clothing & Home.

(PRESS RELEASE) LONDON, 23-Jan-2024 — /EuropaWire/ — M&S Food is investing in the price of over 200 products as it re-affirms its commitment to delivering trusted value for its 30m customers.

The investment will see price cuts across 65 products with an average reduction of 6%, and builds on the over 200 price cuts announced in October. Remarksable Value favourite baked beans, Fairtrade Rich Roast Instant Coffee and Easy Cook Long grain rice are included in this latest round.

M&S launched its Remarksable Value range back in 2019 – made up of over 100 everyday staples with an M&S quality point of difference and price benchmarked against key competitors. Over half of Remarksable Value products have the Eat Well health seal of approval, meaning they meet criteria developed by M&S nutritionists in partnership with the British Nutrition Foundation.

At the same time, M&S Food is also extending its price lock on over 100 customer favourites, from soups to shower gel, until after Easter to provide certainty for customers. In its recent trading update, M&S revealed sales of price locked products in Q3 were up 28%.

Price locked products include:

• DNA Traceable Select Farms British Extra Lean Beef Mince 5% fat – (500g, £4.25)
• RSPCA Assured Select Farms British Outdoor bred pork unsmoked 10 back bacon rashers (300g, £2.80)
• British Medium Cheddar 10 Slices, made at an award-winning creamery (250g, £2.80)
• Fruit and Fibre Flakes, fortified with vitamins and iron (500g, £1.25)
• Eat Well Select Farms Easy Peeler Net (750g, £2)
• Eat Well Select Farms Boston beans (200g, £2)
• Eat Well Super Sweet Corn on the Cob (2 pack, £1.40)
• Chunky Vegetable & Chicken Soup (400g, £1.10)
• Eat Well Minestrone Soup (400g, £1.10)
• Sensitive Shower Gel (250ml, £1)

Value still top of the list for customers

M&S Food’s investment comes as the retailer’s upcoming Family Matters Index* reveals that people are feeling less optimistic about their family’s prospects over the next three months (46%), than they did in October (48%). When looking ahead, four in ten say they will be consciously spending less and saving more in 2024. Value remains the top priority when deciding where to shop, above store location or range of products.

Alex Freudmann, Managing Director of M&S Food:

“Our customers are telling us that value is still very much front of mind as we start off 2024. In response, we need to keep delivering on our trusted value promise – offering the best possible quality at the best possible price.

Our value and quality perception are at their highest point in six years compared to the market but we can’t be complacent. We need to keep our relentless focus on quality – making sure each and every product we offer has that M&S point of difference, from raising the bar on animal welfare to leading the way in responsible sourcing. All while, of course, offering that touch of M&S magic our 30m customers know and love.”

Given the importance of value for customers, this week M&S CEO Stuart Machin will be writing to customers, re-affirming his commitment to delivering the best possible quality at the best possible price in the year ahead across Food and Clothing & Home.

Across the M&S foodhall, customers can also find 65 Bigger Pack Better Value choices in store, as well as a rotating menu of Fresh Market, Bakery, Flower Shop and Wine Shop Specials. The retailer has teamed up with rock band Status Quo to release a new song – “Saving All Over the Store” – to be played in all stores and across M&S social media channels, taking customers on a journey through its different value propositions.

Return of the Roast as customers turn to Home of Dine In

Since it first launched in 2008, M&S has sold over 200million of its iconic Dine In Deal, including almost half a million of its Roast Dine in products since it launched last year.

Serving two and available in stores from Wednesday, customers have a choice of a roasting main and three sides for £12. Mains include fully DNA traceable British Aberdeen Angus beef basted with roast beef stock and Outdoor bred pork, sage and onion stuffed higher-welfare chicken while sides include Rosemary Hasselback potatoes and Tenderstem® broccoli, fine beans, carrots and baby corn.

Clothing & Home – Value You Can Trust

It’s not just in food that M&S in investing in value. Value You Can Trust – a campaign putting the spotlight on M&S’ quality point of difference across Clothing and Home – returned for a second year earlier this month, reaffirming the retailers’ commitment to offer quality, stylish products at a great price.

As a predominantly own-brand retailer, M&S has the benefit of longstanding supplier relationships and unique innovations that ensure a quality point of difference in fit and finish while upholding and being committed to improving sourcing standards too. From £10 padded plunge bras with lace to £35 Quilted Jacket with M&S’ trademarked Thermowarmth technology, £22.50 jumpers and £25 chinos made from responsibly sourced cotton.

M&S holds market-leading positions in value and quality perception with consumers and Stuart Machin reinforced its trusted value position at the retailer’s Christmas trading update by setting out his intent that there will be no increase to clothing prices in 2024.

Notes to Editors

*M&S Family Matters Index, January 2024.

About the M&S Family Matters Index

The M&S Family Matters Index is published each quarter, tracking what family means, why family matters and what matters to families today.

Media Contact:

Corporate.Press@marks-and-spencer.com
Telephone: 020 8718 1919

SOURCE: Marks and Spencer