Waitrose’s sales are benefiting from price cuts as it tackles the worsening economic environment by investing in retaining customers.
Managing Director Mark Price said: “We’ve invested half a percentage point of gross margin in pricing this year. We will invest more. I think that by the end of the year, when we tot it all up, it will be tens and tens of millions [of pounds].”
The upmarket grocery chain also invested £30m in lower prices and promotions in the six months to 26 July.
Retailers are cutting prices in response to the downturn in consumer spending, which has this week forced both Woolworths and MFI into administration.
