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Woolworths has announced a commitment to invest 1 billion rand in its prices over the next two to three years in an attempt to make its products “more accessible to more customers.”
This will include an investment of R750 million in prices for its food business and R250 million in its fashion business.
“In recent years, we have been on a journey to invest in the prices of key product lines and categories to ensure we continue to provide our customers with the value they expect from us,” said Woolworths SA CEO Zyda. Rylands.
“As we know that our customers are under pressure, we are investing even more in our prices to ensure that we remain relevant and accessible, without compromising our quality.”
Rylands said the first phase will focus on a planned R250 million price investment in the food business and R250 million in the fashion business for this financial year. The investment is focused on the most popular Woolworths products.
In food, this includes the full range of fresh chicken, such as all whole and portioned chicken packages, except easy-to-cook, shredded and marinated chicken.
“While this investment will initially be more visible in our poultry products, we have also implemented more promotions on the basics of daily life in grocery, home care and personal care to make it more affordable for more customers,” said Rylands.
In fashion, the investment will be made in selected key wardrobe essentials, he said.
“Throughout the crisis, we have focused on identifying greater efficiencies in our business, as well as in our value chain, to find opportunities to be more effective and reduce costs.
“We have worked closely with our suppliers and partners to ensure we make these mutually beneficial and sustainable operational improvements. We are pleased to be able to pass most of the savings from these efficiencies to our customers, ”said Rylands.
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