John Lewis is to ditch its never knowingly undersold logo in favour of a new slogan promising “Quality & Value.
Introduced in 1925 when the department store chain had two stores, the price promise has become synonymous with John Lewis’s premium image.
But times change and the group said that the growth in online shopping had made the pledge obsolete with competitors such as Amazon already excluded.
“Never Knowingly Undersold is no longer enough to assure trust because it applies to fewer and fewer sales as shopping moves increasingly online, and isn’t applicable to online-only retailers.,” it said.
The mutually-owned retailer said going forward it will focus on targeted low pricing rather than matching rivals.
A sum of £500mln has been earmarked for the targeted scheme this year, a 25% increase on last year.
Pippa Wicks, executive director of John Lewis, said: “Customers are tightening their belts and we’re responding so John Lewis is more affordable for every customer, every day whether shopping in-store or online.
“Never Knowingly Undersold has been a cherished sign of trust for John Lewis for a century but it doesn't fit with how customers shop today as more purchases are made online.
“Our new £500m investment means all our customers can trust they’re getting the quality, style and service they expect from John Lewis at great value prices.”
John Lewis has already launched its own budget brand, Anyday, which it said will be 20% cheaper than its existing own-brand ranges.