John Lewis is pledging a £500m investment to give John Lewis quality at great value prices – as shoppers become more cost conscious this year. The following statement was on their website:
John Lewis is the brand you can trust for Quality & Value. Our Never Knowingly Undersold pledge has given customers reassurance for nearly a century.
However, Never Knowingly Undersold is no longer enough to assure trust because it applies to fewer and fewer sales as shopping moves increasingly online, and isn’t applicable to online-only retailers. So, we’re replacing it with a new approach, which all of our customers can trust because it applies to however and wherever you shop – in store or online.
Retiring Never Knowingly Undersold in favour of everyday Quality & Value means that all John Lewis customers will benefit from great prices everyday – without having to shop around. We will more proactively lead on great value, rather than reacting to other retailers’ price changes. The £500m investment in value is 25% higher than the amount we spent on keeping prices affordable last year.
Our founding philosophy of treating customers fairly remains. Shoppers can be reassured that we’ll continue to monitor other retailers’ prices especially on products that matter most to them – from mattresses to microwaves and TVs to toys – regardless of whether they’re buying online or in store.
Our commitment to quality, style and service won’t change. We’ll have a broad range of products at different price points for every budget. And additional benefits, unique to John Lewis customers, like our standard two-year guarantees on electricals and five-year guarantees on TVs will remain, so customers can still trust we’re doing right by them.
Our customers will also benefit from better and more personalised offers and rewards through the My John Lewis loyalty scheme.
Pippa Wicks, Executive Director of John Lewis, said: “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. 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.”
Building on ANYDAY success
The move builds on the success of ANYDAY – our own-brand, more affordable range that doesn’t compromise on quality and style. Following its introduction in spring 2021, it’s already the most successful brand launch in our history and is available in store and online at John Lewis and in Waitrose:
- Over two million customers have shopped ANYDAY in just nine months;
- 25% of ANYDAY customers are new to John Lewis
- ANYDAY prices are, on average, 20% lower than our other own brand ranges.
- The brand has notched up £125m in sales so far.
- 800 ANYDAY products are sold every hour across fashion, homeware, technology and nursery.
- Expanding ANYDAY with new swimwear range and kidswear collection and increasing outdoor furniture range for Spring/Summer 2022.
We’ll continue to introduce more great value brands such as Mango, Nobody’s Child, Julian Bowen furniture, Blanc prints and beauty brand, The Ordinary.