M&S is cutting the prices of more than 50 products as it ramps up its battle with fellow upmarket supermarket Waitrose. The retailer is reducing the cost of a range of organic fruit, vegetables, dairy and meat products, with some prices being cut by as much as £1.60.
Price reductions and product examples
Among the products getting cheaper is M&S organic white flour, which will drop from £2.60 to £2.05. The price of green lentils is also being reduced, from £2.70 to £2.30, while organic lamb mince will fall from £7.50 to £6.40.
M&S is also preparing to price-match competitors, including Sainsbury's and Waitrose, as it looks to attract more shoppers.
Investment and new store features
The latest price cuts will cost M&S a further £4million, following a £30million investment in reducing food prices over the past year. Some of the supermarket's newer Foodhall stores are set to introduce dedicated "organic zones", bringing the retailer's organic range together in one area.
Alex Freudmann, M&S Food managing director, told The Sunday Times the retailer wanted to give customers "more reasons to shop with us more often". He described organic food as "a category with huge potential" as the supermarket seeks to grow its presence in the market.
Market position and competitor response
M&S and Waitrose have long competed for shoppers looking for more premium supermarket offerings. M&S currently has a slightly larger market share, standing at 4.1% compared with Waitrose's 3.8%. The figures also show M&S sales rose by 16.7% in the 12 weeks to July 11, compared with 3.6% growth for Waitrose.
But Waitrose is fighting back with its own premium offering, having unveiled 29 new ready-made meals this week. The new range includes dishes featuring wagyu beef, 12-month-aged Italian Parmigiano Reggiano cheese and six-hour slow-cooked brisket.
