Introduced three years ago, the scheme offered customers a price match on branded goods when they bought 10 or more items (including at least one eligible branded product) in larger stores or online, with the difference refunded at the checkout.
But according to the supermarket chain, less than one in eight transactions today receives any refund at all. It added: ‘A majority of customers now tell us they would prefer lower everyday prices instead’.
Tesco chief customer officer Alessandra Bellini explained: “Since Brand Guarantee launched in 2015, we have continued to invest in simpler, lower everyday prices. As a result, the scheme is far less relevant for our customers today, and so we are withdrawing it, as we focus on offering customers even more straightforward value for money at the shelf edge.
“In recent weeks, we’ve already reduced the prices of over 260 popular products, including own-brand and branded favourites, and we’ll continue to work hard to offer our customers great quality food at great prices.”