Retailers are facing a new reality. Inflation is skyrocketing, and consumer confidence dropped dramatically over the last months. To prevent a drop in footfall or basket size, retailers are launching new initiatives to battle the rising cost of living.
Iceland, a British supermarket chain with an emphasis on the sale of frozen foods, is to launch a new discount for shoppers who are over 60, to help combat the soaring costs for UK households. Iceland said it would offer over-60s 10% off their shopping every Tuesday to support its older customers through the cost-of-living crisis. The move comes as supermarkets battle for customers, with prices rising at their fastest rate for 40 years. Grocery prices in the UK were 5.9% higher in April than a year ago, according to research company Kantar.
E.Leclerc has created an "Anti-inflation Shield”, which will allow shoppers to continue to purchase their everyday products with the assurance that any increases due to inflation will not penalize their purchasing power. From May 4 until July 31, 2022, any price increase from 120 everyday products will be automatically compensated on the customer's loyalty card when they go to the checkout. This measure will be valid in all E.Leclerc Centers as well as on drive.leclerc.
Sainsbury’s chief executive has committed to investing a further £500m in lowering prices as customer concern over the cost-of-living crisis increases. The retailer will focus on keeping the price of essential items low, such as milk, eggs, meat, fish, fruit and vegetables, and key household essentials.
Kohl’s has announced the nationwide rollout of its new Kohl’s Rewards program enhancement that will offer all members an elevated earn rate of 7.5% Kohl’s Rewards on every purchase. Kohl’s Rewards members also receive personalized deals and perks throughout the year and a special birthday gift. Previously, all Kohl’s Rewards members would earn 5% Kohl’s Rewards, regardless of payment method.
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