By Adrian Lowery
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Waitrose is looking to poach more customers from Tesco by extending its price-match guarantee to 7,000 grocery lines.
The John Lewis-owned store is looking to capitalise on the success of its current 1,000-product pledge - launched in September 2010 - to match its more downmarket, market-leading rival on price.
The scheme's massive extension means it will now cover about 60 per cent of Waitrose's total branded range.
Price war: Waitrose is trying to shake off its image as the expensive option by matching Tesco's prices on even more lines
It hopes the move will encourage customers to do their entire weekly shop at Waitrose, which is traditionally regarded as the most expensive of the big five supermarkets, rather than move between retailers in the hunt for the lowest prices.
HOW THE BIG UK SUPERMARKETS STACK UP
PERCENTAGE MARKET SHARE:
Tesco - 30.7
Asda - 17.6
Sainsbury's - 16.6
Morrisons - 11.9
Waitrose - 4.5
Lidl - 2.8
Aldi - 2.7
Iceland - 2.0
[Figures: Kantar WorldPanel, first quarter 2012]
Tesco saw UK sales slump last year and is suddenly struggling to fight off competition from rivals, but remains by far the country's biggest grocer.
It recently saw its hold on the market slip to 30.7 per cent from 30.9 per cent a year ago, according to market researcher Kantar Worldpanel (see box), losing out at one end to Asda and discount retailers like Aldi and Lidl, and at the other to upmarket Waitrose.
Waitrose managing director Mark Price said: 'The tough economic climate is putting pressure on everyone, so this is excellent news for customers.
'Extending Brand Price Match today, alongside Essential Waitrose, increased promotions and free delivery for online orders, will give customers even more confidence that they can do their entire weekly shop with us, with no sacrifice of quality, range and inspiration or service.'
He said in a letter to customers: 'I am pleased to tell you that our prices on branded grocery products are now identical to Tesco’s, excluding promotions.
'As you would expect from Waitrose, there are no gimmicks, no coupons to redeem against a later shop, and no need to check your receipt online. We simply match the prices on the shelf, so you benefit immediately.'
Tesco revealed a £1billion revamp of its domestic strategy recently following its first profit warning in 20 years and a sharp slump in its share price.
It has admitted that its £500million Big Price Drop launched last year failed to impress customers but will revamp the initiative to focus more on giving customers special offers and money-off coupons.
However, strong growth in areas such as Asia helped overall group profits rise to £3.9billion.
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Oh come off it,we all like Tesco's the best and a boycott only lasts till we get fed up with the others and sneak back.They know it and we know it.
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icelands everytime they are a oldschool retailer that focus on just good food at good prices
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Tesco's £10 of £80 offer...get real! In middle of big cities like London? A little more common sense would help. Tesco's were greedy, and I don't feel like going back. I went to Lidl, and Waitrose too.
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Waitrose, clean store, polite staff, top quality produce and first class customer service. I would rather they didn't price match as the price kept the trashco chavs away Bring on the arrows but you know it's true.
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Tesco should have passed the £1bn revamp cash onto the customer, price is what matters.!
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Waitrose will always be slightly behind the Tesco price movements, and probably never cheaper; their deals are often multibuys or less good, and they tend to run out of stock working on lesser volumes. Ghastly though our local Tesco is, it is more reliable on price and stocking, and much quicker through the self-service tills.
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As we all know, Tesco moves it's prices up and back down again (to pretend that things are half price, when in fact they were double what they should be!). Waitrose only seems to match the higher price.
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I've just bought three pizza's at Tesco buy one get two free,match that
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Beware Waitrose Brand Price Match! Their in-store claims are not always honest. One example - recently Tesco were selling J2O 4 packs for £1.50. At the same time Waitrose were selling for nearly four quid which they claimed matched the Tesco price!
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