21st Mar 2016 14:58
LONDON (Alliance News) - Tesco PLC on Monday said it has launched seven new own-label brands as part of a programme to improve its customer offering through range and price investments.
The supermarket chain said the new brands are across the fresh produce, meat and poultry categories, and at competitive prices which will either match or be below its competitors.
This comes as the UK big four supermarkets battle it out in a price war in the face of competition from German discounters Aldi and Lidl.
Tesco, along with peers J Sainsbury PLC and Wm Morrison Supermarkets PLC, has recently been investing in the quality of its products and heavily cutting prices in order to win over customers and bring in more sales.
Last October, Tesco introduced its 'Brand Guarantee' scheme, which matches prices with the other big four supermarkets and immediately deducts money off customers' bills if it is found their branded grocery shop would have been cheaper at Sainsbury's, Morrisons or Wal-Mart Stores Inc-owned Asda.
"Over the last 18 months we have been simplifying our ranges, launched Brand Guarantee and improved customer service. However, we know customers want the convenience of getting all their shopping in one place. These seven new brands, which are exclusive to Tesco, address our customers' needs for quality fresh food, at very competitive prices in a single shop," a Tesco spokesperson said.
Shares in Tesco were trading up 0.7% at 196.25 pence on Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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