UK pharmacy chain Boots has become the latest retailer to roll out a value range to customers, as the rising cost of living weighs on British shoppers.
(Bloomberg) — UK pharmacy chain Boots has become the latest retailer to roll out a value range to customers, as the rising cost of living weighs on British shoppers.
Boots will begin selling 60 essential items including toiletries, skincare, dental items, haircare and period products at £1.50 ($1.73) or less, with the cheapest items priced at 50 pence, according to a statement Wednesday. The move comes as money has begun “surpassing health as the priority for consumers,” the company said.
UK consumers are facing the highest inflation in four decades, which is expected to trigger a recession lasting more than a year. With energy prices already at least four times higher than usual, there are signs shoppers are cutting back on non-essential purchases.
“We’re all bracing ourselves for a winter of feeling the pinch more than ever,” said Jenna Whittingham-Ward, head of the chain’s beauty, own-brands and exclusives lines.
The Boots rollout of its “everyday” range follows similar moves by rivals. Online retailer Very brought out a range under the same name last month, while John Lewis Partnership Plc started its Anyday brand last year.
Shoppers across the UK have been switching from major brands to own-label products, especially at supermarkets, a trend that’s seen discounters Aldi and Lidl boost their sales. Boots has been building up its own-brand products, and now has more than 9,000 lines across health, beauty and baby.
The retailer’s new value range includes shampoo for 75 pence and shower gel for 85 pence. The products will be available online starting Wednesday and will then be rolled out across more than 1,000 Boots stores over the next few weeks.
The company’s owner, US healthcare group Walgreens Boots Alliance Inc., in June abandoned plans to sell the retailer, after failing to secure a bid at its target of at least $6 billion. The chain has been battling to compete on main streets in the UK, with many of its larger stores in need of renovation.
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