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05/05/2009
Tesco Chops Prices To Keep Irish Customers
Top UK retailer, Tesco has revealed today that it has cut prices in 11 of its stores in the Irish Republic - by 22% - to discourage shoppers going North.
The retailer has been losing customers in its border region outlets due to the weak pound, which has been enticing Irish shoppers to Northern Ireland for their groceries.
Tesco announced prices on 12,500 goods stocked in the stores have fallen by an average of 22%, which it claims brings difference in prices with supermarkets in the North to its lowest level since 1979.
In April, the Irish arm of the successful British retailer reported a like-for-like (same stores) sales fall of 4.2% over the year, reflecting what it called "the significant slowdown in economic activity and consumer spending during the final quarter of the year".
However, some 16 new stores opened during the year leading to a total growth of 5.2% and an income of €3,150.2 million.
Tony Keohane, Tesco Ireland's Chief Executive said: "It has proved to be a challenging year both for us and our customers, as the economic contraction has affected both customer confidence and spending, particularly in the final quarter of the year.
"We have been adapting our prices and our product range to reflect changing customer shopping patterns and these have helped the affordability of shopping in our stores."
Mr Keohane added: "We are working to get prices down to levels which conform with customers' reduced incomes. We are confident we will achieve a step change in our price position and strengthening of our offer to grow our appeal over the coming year."
(DW/BMcC)
The retailer has been losing customers in its border region outlets due to the weak pound, which has been enticing Irish shoppers to Northern Ireland for their groceries.
Tesco announced prices on 12,500 goods stocked in the stores have fallen by an average of 22%, which it claims brings difference in prices with supermarkets in the North to its lowest level since 1979.
In April, the Irish arm of the successful British retailer reported a like-for-like (same stores) sales fall of 4.2% over the year, reflecting what it called "the significant slowdown in economic activity and consumer spending during the final quarter of the year".
However, some 16 new stores opened during the year leading to a total growth of 5.2% and an income of €3,150.2 million.
Tony Keohane, Tesco Ireland's Chief Executive said: "It has proved to be a challenging year both for us and our customers, as the economic contraction has affected both customer confidence and spending, particularly in the final quarter of the year.
"We have been adapting our prices and our product range to reflect changing customer shopping patterns and these have helped the affordability of shopping in our stores."
Mr Keohane added: "We are working to get prices down to levels which conform with customers' reduced incomes. We are confident we will achieve a step change in our price position and strengthening of our offer to grow our appeal over the coming year."
(DW/BMcC)
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