Tesco announces price cuts worth £80m
Supermarket giant Tesco today announced another round of price cuts – worth £80m (€113.4m).
The chain promised to reduce the price of 500 products by an average of 9% from next week.
It is the latest move by Tesco to promote itself as the UK’s cheapest supermarket chain.
Tesco claims that in 2004 it has invested more than £219m (€310.4m) in bringing down prices, excluding the reductions announced today.
Independent research published earlier this month by trade magazine The Grocer showed Tesco and arch rival Asda were battling to become the cheapest chain.
Tesco director Tim Mason said: “Customers know that every other area of their life has got more expensive, but their Tesco shopping trip has actually got cheaper.”
The internet arm of Tesco allows shoppers to compare the price of thousands of products against those at Asda, Sainsbury’s and Morrisons.
A new feature being added to Tesco.com’s Price Check site next week will show how many product lines at Tesco are cheaper, the same, or more expensive than its rivals.
