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Tesco locks prices on 1,000 products until 2024

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On this episode of Talking Shop I’m joined by Alain Bejjani—former Group CEO of Middle East retail giant Majid Al Futtaim, and author of the definitive new book, NEXT: Leading Through the New Realities. Drawing on his childhood in war-torn Beirut, and his experience steering a $9.5bn dollar retail and lifestyle empire through a global pandemic, Alain brings an unmatched perspective on leadership under pressure. Today, we break down his crisis survival playbook for retailers operating in distress. We discuss why resilience must always outpace efficiency, the four assets a brand must protect at all costs, and how to turn macro-turmoil into a long-term direction that scales.

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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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