Woolworths is set to become the first high street retailer to sell chart DVDs for less than £10. Starting from tomorrow, it will sell all chart single DVDs for £9.90.
It comes days after announcing that the variety retailer reported a pre-tax loss of nearly £100m for the six months to August, with like-for-like sales down more than 3%.
The price drop will run for four weeks and cover the top 50 DVDs, including new releases such as Sex and The City The Movie. The retailer says that the move will be “undoubtedly” be welcomed by consumers as the DVD market has been one of the few winners in the recent economic downturn.
Alan Hunt, trading manager for music and DVD at Woolworths, says: “Staying in is the new going out and over the next month it will be cheaper than ever before to buy a brand new film and settle down for a great night in.
“Our price drop will help our customers beat the credit crunch while enjoying great films like Sex And The City, Three And Out and Forgetting Sarah Marshall.”
Meanwhile,the retailer’s Big Red Book, a catalogue and internet operation launched to compete with Argos, will be closed down.
Last month, Malcolm Walker the founder of the Iceland food chain approached Woolworths with a £50m offer for its 819 high street stores. The move has since been rejected as “unacceptable” by the stores chairman Richard North.