B&Q investing £100m to bring down prices
PUBLISHED: 08:54 11 July 2018 | UPDATED: 08:54 11 July 2018
DIY chain B&Q is investing £100m in bringing down overall shop prices in an attempt to cut back on promotions and discounts.
As part of the strategy, designed to reduce promotions and discounts, prices on 2,000 items have already been dropped with an average saving of 15%.
It plans to lower prices on more products later in the year.
Parent group Kingfisher, which also owns fellow DIY brand Screwfix, said the unification of buying functions across its divisions had helped it cut prices.
Paul White, B&Q’s commercial director, said: “People may enjoy hunting for the best deal, but at the end of the day there is much more comfort knowing that there’s one place where you can always get a low price.”
B&Q will reduce the use of “short-term pricing” deals and discounts, including multi-buys.
The firm’s new pricing strategy comes as rival Homebase undergoes a major restructuring.
Homebase has shut 17 stores since February, and has been cutting jobs in its head office.