Marks & Spencer locks down prices of popular food lines until 2023

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Marks & Spencer has frozen prices on a raft of food lines until the end of January next year as shoppers confront the cost-of-living crisis.

M&S chief executive Stuart Machin

M&S chief executive Stuart Machin has announced a price freeze on key lines

The retailer has locked the prices of 100 products such as satsumas, vegetable soup and pork pies as it seeks to provide customers with value for money.

Marks & Spencer’s latest price initiative bolsters a value proposition driven by its Remarksable Value range of staples, which is benchmarked against competitors.

The price freeze follows research by M&S showing that 61% of people believe value is the single most important factor when deciding where to shop. The figure was up 2% since July and featured ahead of convenience.

M&S chief executive Stuart Machin said: “M&S has never been premium. Whether it was our founders’ ‘don’t ask the price, it’s a penny’ slogan or today’s Remarksable Value commitment, M&S has always been about delivering the best possible quality at the best possible price for our customers.

“For nearly 140 years customers have turned to us for our trusted value and we never take that trust for granted. That’s why we have invested again today to keep that value promise.”

Machin became M&S chief executive earlier this year, having previously run and reinvigorated the food division. Enabling customers to do a bigger food shop at M&S and sharpening value for money were among the initiatives he introduced when in charge of food.

Food prices have been hit by high levels of inflation, and grocers have been jockeying for position when it comes to providing value for money and being seen to provide it – particularly over the key Christmas period.