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Tesco locks prices on 1,000 products until 2024

Tesco locks prices on 1,000 products until 2024

On this episode of Talking Shop, we're joined by Dan Cate, CEO and Founder of SoldThrough. Dan is a heavyweight retail executive who has spent decades steering the merchandising and digital operations of America’s most iconic retail institutions, from Saks Fifth Avenue and Bloomingdale’s to Century 21 and Lord & Taylor. Today, through his platform SoldThrough, Dan helps international fashion brands cross the Atlantic and crack the notoriously brutal U.S. retail landscape. We break down his journey from the shop floor to the C-suite, the operational indicators that prove a brand is truly ready for international expansion, and how to navigate a fragmented American market without destroying your margins. We also discuss how to balance localised inventory with central efficiency, and the one non-negotiable metric that tells you a product has found genuine market fit.

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Tesco is locking the price of more than 1,000 products until 2024, as consumers continue to face the cost-of-living crisis.

Among the 1,000-plus everyday items to have their price locked as part of the latest round of Low Everyday Prices are Typhoo One Cup teabags, Jacobs’ Cream Crackers and Aquafresh Freshmint Toothpaste.

In addition, the supermarket said it is also passing on savings to customers “wherever it sees opportunities to do so”, and is matching more than 600 staple products to Ald.

Since announcing price cuts to 500 lines back in June, Tesco has continued to cut prices each week since. Some of the products to have recently seen their prices cut include Andrex Toilet Tissue (reduced by 9%), Free From white rolls (reduced by 14%) and Pitted black olives (reduced by 8%). 

Tesco UK CEO, Jason Tarry, said the latest round of price locking would help customers manage their household budgets as they go into the Christmas period.

He said: “We know that this has been a year of budgeting carefully for shoppers, with customers wanting to make sure they are getting great value on their shop. By locking more than 1,000 prices, our customers know exactly how much they will pay for those items today, at Halloween, at Christmas, and into 2024.

“Food inflation is still with us, but by cutting prices wherever we can, and by locking others to give customers certainty in their budgets, we are able to provide great value to our shoppers. When you combine that with the more than 8,000 Clubcard Prices deals each week, there are thousands of reasons to shop at Tesco.”

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