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John Lewis has announced it is scrapping its Never Knowingly Undersold pledge after nearly a century as the company said it is “no longer enough to assure trust” as shopping moves increasingly online.
John Lewis has replaced the pledge with a new £500m investment into its prices both in store and online with its new Quality & Value initiative.
The announcement comes as shoppers are reportedly becoming more cost conscious this year, and it marks a 25% increase in value for the company compared to prices last year.
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.”
