Transaction

jmetaB032a5d89f694e39a962f4d19d581d893c8635b418811b9307ff377af8d14fa7b0c@df9fe59142e8384a6970c15c298c7eb05eefe661be8e6833cafbf051e80bfbd1rss.itemmetarss.netM_<item><description><![CDATA[<a href="https://www.thetimes.com/business-money/companies/article/john-lewis-brings-back-never-knowingly-undersold-price-pledge-5f8f3rd8k"><img src="https://www.thetimes.com/imageserver/image/%2Fmethode%2Ftimes%2Fprod%2Fweb%2Fbin%2F642249c2-12c6-4c9c-b02e-8e6b61cf08ac.jpg?crop=4000%2C2250%2C0%2C209&resize=1200" /></a><div><div><p>John Lewis is to bring back a new iteration of its much-loved “never knowingly undersold” price match pledge, as part of a plan by its new boss to win back customers.</p><p>In a major U-turn for the department store chain, Peter Ruis, the retailer’s executive director, has decided to relaunch the slogan, promising to match prices in its 34 stores and online with 25 competitors including Amazon and Marks & Spencer.</p><p>The move comes after the business vowed earlier this year to <a href="https://www.thetimes.com/article/waitrose-to-open-100-convenience-stores-over-next-five-years-nlb6wsmfm">focus “unashamedly”</a> on investing in its core retail business after a controversial shift into housebuilding and in the wake of three consecutive years of losses.</p><div></div><div><div><div></div></div></div><p>Dame Sharon White, the outgoing chairwoman, ditched the price match guarantee in 2022, after almost a century, saying<span> it had lost relevance at a time when it faced stiff competition from online retailers. The scrapped price promise did not apply to apply to online-only retailers.</span></p><span><p>Under the former “never knowingly undersold” slogan, which John Lewis introduced in 1925, the chain committed to refund customers the difference if they found the same item on sale elsewhere for a lower price within 28 days. The new iteration of the price match promise, which launches on Monday, will offer money back if shoppers find products cheaper at one of the 25 retailers within seven days.</p><div><div><div></div></div></div><div><div><div><div><div><div><img src="https://www.thetimes.com/imageserver/image/%2Fmethode%2Ftimes%2Fprod%2Fweb%2Fbin%2Fbc68771c-e8e7-4a43-8c3a-6fe4af3c7971.jpg?crop=1077%2C580%2C0%2C0" /></div></div></div><div><div><div><div><div>John Lewis ditched its “never knowingly undersold” price pledge in August 2022, saying it was no longer suitable in the era of online shopping</div><div>JOHN LEWIS</div></div></div></div></div></div></div></div><p>The retailer will use new technology, provided by a company called Quick Lizard, to track thousands of products online. John Lewis bosses claimed it had not been able to find technology to be able to do this until now.</p><p>The move comes after a period of instability at John Lewis Partnership, which also owns Waitrose. The mutual struggled with declining sales and a loss of market share during the pandemic and cost-of-living crisis. Customers complained that it had lost its competitive edge and customer service had dwindled following <a href="https://www.thetimes.com/article/more-jobs-set-to-go-as-john-lewis-plans-revamp-of-store-management-fjq2m608t">wide-scale job cuts</a> and store closures.</p><p>The partnership decided to relaunch the price-match guarantee after a survey of 5,000 customers, which found that three quarters of them said a “modernised version of never knowingly undersold would improve their feeling of getting good value for money at John Lewis”.</p><div><div><div><div><div><div><img src="https://www.thetimes.com/imageserver/image/%2Fmethode%2Ftimes%2Fprod%2Fweb%2Fbin%2F922218ca-009c-4413-aa0b-2827b80b5902.jpg?crop=5000%2C3333%2C0%2C0" /></div></div></div><div><div><div><div><div>Peter Ruis, the retailer’s executive director, said: “We’re kick-starting our brand for the next 100 years”</div><div>ALAMY</div></div></div></div></div></div></div></div><p>Ruis said: “100 years ago John Spedan Lewis created Britain’s most innovative and famous brand mantra. It defines why John Lewis is so special, and its unique position in the retail landscape. For the past seven months I’ve talked to our customers and our partners about what John Lewis means to them. Today, we’re kick-starting our brand for the next 100 years, the perfect fusion of heritage and British eccentricity blended with radical relevance for the modern customer.”</p><p>White said: “Now is the right time for never knowingly undersold to return in a form that will resonate with customers whether they’re shopping in store or online.”</p><div><div><div></div></div></div><p>September marks the start of a new chapter for the John Lewis Partnership as it welcomes <a href="https://www.thetimes.com/article/new-john-lewis-boss-wants-to-increase-shop-floor-staffing-levels-3l9228ksn">Jason Tarry</a>, a Tesco retail veteran, as its new chairman. White will step down next year following a handover period.</p></span></div></div><div><span>PROMOTED CONTENT</span><div><div></div><div></div><div></div><div></div><div></div></div></div>]]></description><pubDate>Thu, 05 Sep 2024 12:06:16 GMT</pubDate><link><![CDATA[https://www.thetimes.com/business-money/companies/article/john-lewis-brings-back-never-knowingly-undersold-price-pledge-5f8f3rd8k]]></link><dc:creator><![CDATA[]]></dc:creator><title><![CDATA[John Lewis brings back Never Knowingly Undersold price pledge]]></title><guid isPermaLink="true"><![CDATA[https://www.thetimes.com/business-money/companies/article/john-lewis-brings-back-never-knowingly-undersold-price-pledge-5f8f3rd8k]]></guid></item>