John Lewis is to axe its Never Knowingly Undersold pricing promise.
The chain says it no longer fits with how consumers shop as more sales move online and it doesn’t apply to online-only retailers. It will be ended in the summer.
Instead it will invest £500m on lowering prices, a 25% rise on 2021.
‘Customers are tightening their belts and we’re responding so John Lewis is more affordable for every customer, every day whether shopping in-store or online. Never Knowingly Undersold has been a cherished sign of trust for John Lewis for a century but it doesn’t fit with how customers shop today as more purchases are made online,’ says Pippa Wicks, John Lewis executive director.
‘Our new £500m investment means all our customers can trust they’re getting the quality, style and service they expect from John Lewis at great value prices.’
