British department store retailer John Lewis has announced that from this summer, it will retire the “Never Knowingly Undersold” price pledge it has maintained since 1925.
The promise means the employee-owned John Lewis matches prices on like-for-like branded products with national retailers that sell both online and in shops.
However, in a statement published online, a John Lewis representative said: “Never Knowingly Undersold is no longer enough to assure trust because it applies to fewer and fewer sales as shopping moves increasingly online, and isn’t applicable to online-only retailers. So, we’re replacing it with a new approach, which all of our customers can trust because it applies to however and wherever you shop – in store or online.
“We have pledged a £500 million investment so that we can bring you John Lewis quality at great value prices. That’s 25% more than we invested in prices last year.
“Retiring Never Knowingly Undersold in favour of everyday Quality & Value means that all John Lewis customers will benefit from great prices everyday – without having to shop around. We will more proactively lead on great value, rather than reacting to other retailers’ price changes. The £500m investment in value is 25% higher than the amount we spent on keeping prices affordable last year.”
John Lewis has said it will inform customers of an exact date when Never Knowingly Undersold ends nearer the time.