British supermarket chain Sainsbury’s has highlighted its investment of £220m ($279m) in the financial year 2023 alone into reducing prices for customers, as part of a broader strategy to prioritise food sales.
The move brings the total investment to £780m since the initiative began in 2020.
The funding stems from the Save to Invest programme, which has saved £1.3bn over three years, allowing the company to re-invest in customer priorities.
Sainsbury’s also revealed that it has expanded its Aldi Price Match campaign to include 550 products in January 2024, almost doubling the range compared to the previous year.
The campaign now covers items from breakfast foods to cleaning products.
The retailer offers the largest selection of baby products matched to Aldi’s prices, with more than 60 items in the Little Ones range.
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Nectar Prices, which provides Nectar cardholders with discounts on more than 6,000 products, is set to offer half-price deals on popular brands from 24 to 30 January.
These deals follow the success of the Nectar Prices scheme, which saved customers an average of £16 on an £80 shop during the Christmas period 2023.
Sainsbury’s chief executive Simon Roberts stated: “We’ve been working hard to reduce costs across our business so that we can give more value back to our customers and help to bring down inflation.
“Our investment of £220m this financial year, and £780m over three years, into lowering our prices means that customers can be confident that whatever they are shopping for, they will find great value in the products they love at Sainsbury’s.”
The announcement follows Sainsbury’s confirmation of an investment of £200m ($253.5m) to raise the hourly pay of 120,000 of its UK employees.