John Lewis brings back 'never knowingly undersold'

Retailer John Lewis is bringing back its "never knowingly undersold" price pledge from Monday, two years after abandoning it.

It will also apply to online sales for the first time, whereas it previously only applied to in-store shopping, and will use AI to match the prices of 25 top retailers.

The department store chain has been trying to win back customers after a tough few years that has seen it cut jobs and close several stores.

It swung back to profit earlier this year, but is expected to continue shedding jobs as it seeks to revive its fortunes.

The decision by John Lewis' new managing director Pete Ruis to restore the price pledge marks a change of direction from his predecessor.

"When we removed the price promise, people automatically assumed that all prices went up... that wasn't necessarily the case," said Mr Ruis.

Mr Ruis said the pledge had not been "fit for purpose" in 2022, with staff relying on pencils and spreadsheet to keep track of rivals' prices.

The new policy will only apply to branded products, with software tracking prices from competitors, including Marks & Spencer and House of Fraser.

Mr Ruis did not say how much the reintroduction would cost the retailer.