John Lewis has reinstated its iconic “Never Knowingly Undersold” pledge, receiving widespread industry support.
- The price match now includes online competitors, reflecting modern retail dynamics.
- Industry leaders express relief and optimism about the pledge’s return after a two-year hiatus.
- Executives cite the pledge as integral to John Lewis’s brand identity and consumer trust.
- Upcoming financial reports may reflect impacts of this strategic move.
John Lewis, a prominent player in the UK retail sector, has reintroduced its “Never Knowingly Undersold” policy, a price pledge that aligns their product prices competitively with 25 rival retailers, including major high street and online platforms such as Marks & Spencer, Amazon, and Asos. The decision, effective from today, September 9, marks a significant shift backed by strong industry approval.
The initiative had been retired in August 2022, reflecting a pre-digital retail landscape, but has now been updated to include online giants, bridging a previous gap which challenged John Lewis’s competitive edge. The return of the pledge re-establishes it as a cornerstone of the retailer’s commitment to its customer base.
In a survey conducted by Drapers, 65% of 221 LinkedIn respondents expressed their approval of the pledge’s return. Simon Donoghue of French Connection, which operates multiple concessions within John Lewis stores, described the withdrawal of the pledge in 2022 as “a shame” and praised its modern update as “good news.”
Daniel Rubin of Dune London echoed this sentiment, highlighting the importance of the pledge in maintaining John Lewis’s status as a “trusted institution”. The inclusion of online competitors presents a strategic advantage, mitigating the difficulties faced when the pledge was initially suspended.
John Lewis executives, including Peter Ruis, have defended the 2022 suspension as a necessary evolution of the brand, which coincided with strategic enhancements to their omnichannel operations. Ruis articulated the pledge’s historical limitations but welcomed its new format that resonates with current market needs.
Richard Utting of Loake Shoemakers noted that this reintroduction reconnects John Lewis with its traditional consumer values, reinforcing its brand promise amidst a fiercely competitive market. This move precedes the company’s semi-annual financial disclosures due on September 12, which will likely provide insights into the economic impacts of reinstating the pledge.
The reintroduction of John Lewis’s price pledge underscores its commitment to competitive pricing and brand integrity within the modern retail landscape.
