Woolworths launches 10m price drop

Retailer Woolworths is dropping the price of over 1,000 products today (May 22) to help customers beat the effects of the credit crunch. The move will backed by a multi-millions marketing campaign.

New television ads, created by Bartle Bogle Hegartly,will feature Wooly and Worth playing in a game show in which Wooly, as the contestant, will try to remember Woolworth’s new low prices. The campaign breaks next week on May 28.

The retailer says that the prices will be dropped by an average of 16% and save high street shoppers over £10m in 2008. The price cuts are across the store, and in many cases, the prices will be dropped down to levels not seen for over five years, says a spokesman.

Tony Page, managing director for commercial and marketing at Woolworths, says: “This is not a sale. We’ve listened to customers and listened to their number one concern – prices, because money is tight at the moment, especially for families who are facing higher energy bills, higher mortgages and the soaring cost of food.

“There is no sacrifice in quality or quantity in any of the products. This is a genuine investment in reducing our prices across the store to drive better value for our customers.”

Page says more price drops are on the way. “Everyone in retail is talking about smart shopping and in the current climate, our customers are only going to get smarter,” he adds. “We’re going to make sure we’re ahead of the game. We’ve had a fantastic response to the Worthit! value range we introduced last year and price drop across the store is the next step as we return Woolworths to its value heritage.”

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