Tesco is gearing up for a massive 10th anniversary promotional push on its Value brand, which generates£700 million of sales a year for the retailer in the UK alone.
The grocer will embark on an in-store campaign to coincide with the brand's June 21 birthday. A television ad staring the face-of-Asda Prunella Scales to back the Value drive will be aired from Monday.
In the past 12 months, Tesco has added 150 products to the range, which now comprises 1,200 items across food and non-food, and is looking for more opportunities to expand the brand. The first Value ready meals range will be launched later this month.
Tesco brand marketing director Ian Crook said: 'The Value range is a phenomenal success story and one of the biggest and most popular brands in Britain. Every week, 70 per cent of our customers buy a Value product.'
Numis Securities analyst Mark Hughes said: 'Value enabled Tesco to respond to local demographics.
It has also thwarted the growth of the big European discounters in this country with its price competitiveness.'
Tesco launched its Value range in 1993, with 41 essential everyday products that would have cost a customer£19.31.
Following aggressive price-cutting over the past decade, the same basket now costs£12.90, without taking inflation into account.
Tesco also offers the Value brand in its stores in Asia and Eastern Europe.
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