Tesco Lotus announces major price-cutting campaign
TESCO LOTUS says it has launched its biggest price-cutting campaign in 20 years.
The hypermarket chain said it was spending Bt3 billion to lower prices, focusing on mother-and-baby products with cuts of up to 20 per cent on more than 870 product lines. It will also lower fresh-food prices to wholesale levels – a cut of 15 per cent.
It says the campaign will help customers reduce their cost of living in a tight economy.
“Tesco Lotus has been consistently committed to reducing the costs of essential items for the past 20 years. As Thailand’s retail leader, we are well aware of the rising cost of living of the general public, and this year we have invested more than Bt3 billion to help our customers save money,” said chief commercial officer Sompong Rungnirattisai.
“We started with adjusting mother-and-baby products to be 10-20 per cent cheaper in an unprecedented price campaign with a budget of Bt300 million. More than 870 mother-and-baby product lines have been discounted, including diapers, formula and UHT milk.
“On top of this, Tesco Lotus has invested Bt600 million on reducing fresh-food prices to wholesale price, after the success of our Wholesale Price campaign on 150 fresh-food lines. The new campaign covers all key fresh-food lines in the department, such as farm produce, meat, eggs and seafood, offering discounts of up to 15 percent to help customers save on their spending on foods.
“Also, Tesco Lotus will continue its usual weekend promotions, discounts, and coupon campaigns with a plan to invest more than Bt2 billion. Tesco Lotus has a price-checking team to ensure that customers are confident that prices are the lowest when they shop at our stores.
Besides investing in price-cuts, Tesco Lotus says it is continuing its campaign to help Thai growers in difficulty, such as buying longan from growers in the three southern provinces of Yala, Pattani and Narathiwat, and vegetables from farmers who are part of the Kamlang Jai project of the Princess Pa Foundation. The campaign will help farmers sell more of their produce as well as bringing quality fresh produce to consumers at good prices, the company says.
Tesco Lotus says it has strict produce-safety standards, ensuring fruit and vegetables sold at its stores are completely free of chemical residues. Strict traceability inspection regimes give confidence in safety and quality. Tesco Lotus is the first retailer in Thailand to develop QR (quick reference) code labelling for fresh food products, which enables consumers to trace their origins with a simple scan of their smartphones.
“We are confident that Tesco Lotus’ continuing price investment will help reduce the cost-of-living burdens of our customers when many sectors are facing reduced incomes and high levels of debt. Many people can benefit from this historic price reduction through the Tesco Lotus network of almost 1,800 stores in 73 provinces across Thailand,” Sompong said.
