Sainsbury’s investment in price to help customers with the cost of living is set to top more than half a billion pounds.
With the latest planned investments, a total £500m of savings will have been delivered to customers since Sainsbury’s initiated its plan to put food back at the heart of the business in March 2021.
A statement, recently released by the supermarket read: "Everyone at Sainsbury’s is aware of the pressures on household budgets, which is why we are determined to offer low prices and deliver the best possible value for our customers.
"Our commitment to saving money and reinvesting where it can make the biggest difference to customers means we are now able to commit a total of over £500 million to lower prices and help customers manage inflation. The amount includes investment in prices last financial year plus money that will be committed to supporting customers this financial year to March 2023. "
Sainsbury’s is focused on investing on the essential items that customers buy day in, day out, including fruit and vegetables, milk, eggs, meat, fish and key household essentials, with no compromise on quality or sustainability. Popular campaigns such as Price Lock, which holds the prices of over 1,800 essential items for at least eight weeks, and Sainsbury’s Quality, Aldi Price Match, will continue to be key areas of investment.
Simon Roberts, Chief Executive Officer at Sainsbury’s said: “The cost of living is having a huge impact on our customers’ and colleagues’ lives and we understand that, right now, every penny counts.
"We are determined to stand side by side with our customers and we are relentlessly focused on driving savings that can be reinvested into keeping food prices low. Customers can be reassured that when they shop at Sainsbury’s they are getting fantastic value and quality, which means they do not need to go anywhere else to get low prices.”
Recent results show that Sainsbury’s plan to put food back at the heart of the business is benefiting customers. Sainsbury’s is keeping inflation lower than its major peers while winning market share. Colleagues are benefitting too - in April Sainsbury’s became the first major retailer to pay all colleagues the Living Wage.
Sainsbury’s food first approach is supported by the progress it is making to refocus the role of its brands that deliver – Argos, Habitat, Tu, Nectar and Sainsbury’s Bank – on supporting the core food business, and its ambitious cost savings plans that enable it to reinvest back in food. Sainsbury's is determined that doing everything it can to keep prices as low as possible will be its top priority for the year ahead.
Source: Sainsbury's Press Office