John Lewis to lower prices as it prepares for post lockdown re-opening
16 Mar 2021
Department store John Lewis will lower prices in a bid to entice customers to return to its brick and mortar stores. The aim of cutting prices is to both boost footfall and in-store spending.
The new strategy was announced by the John Lewis Partnership, parent company of retailers John Lewis and Waitrose, as retailers prepare for the end of lockdown and the re-opening of stores on April 12th. John Lewis said it will reduce its prices on unsold stock in such a way as to encourage both entry into the stores and the spending of individual customers. The price cut is accompanied by the campaign: “John Lewis quality at prices you wouldn’t expect”.
“When we reopen the lockdown place you will see several new entry price points in our stores, many products repriced at different levels,” commented Pippa Wicks, executive director of John Lewis.
John Lewis to date has not confirmed how many of the chain’s 42 stores will physically open at the end of the lockdown.
John Lewis closed the year 2020/2021 with revenues of 554 million pounds, compared to 734 million made the previous year. The Waitrose chain fared better and saw sales increase to 1.14 billion, against 1 billion the previous year. The group, which saw total revenues of 1.7 billion, recorded a loss of 517 million, compared to a profit of 146 million the previous year.
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