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Matalan cuts prices of 700 products in £35mn investment

InternetRetailing

From today [Monday 08 January 2024], Matalan has reduced the prices of 700 products in a bid to help its customers through the cost-of-living crisis.

The fashion and homeware retailer has invested £35m in the initiative, the latest under new chief executive Jo Whitfield. It will see prices lowered across a range of categories including women’s denim, leisurewear and basics; menswear and children’s clothing. Bedding, bathroom and home storage products will also be included, with the new prices available in store and online.

“The start of the year is always a tough time financially and this year, given how difficult 2023 was for so many families, it’ll be harder than ever,” explained Whitfield.

“So, for 2024 we want to start the year off differently. We’ve unlocked efficiencies at a time when inflation and input costs are starting to fall, enabling us to pass these savings on directly to our customers – bringing down the prices of new and existing lines of everyday essentials and favourites across all our key categories.

“It’s all part of our mission to build a stronger, more modern Matalan that brings families a better choice of quality clothes and homewares at great prices.”

The price reductions follows the introduction of 10 new third-party fashion brands – including Blue Vanilla, Quiz and Roman – to its website at the end of last year, as Matalan works to grow its online offering.

In October 2023, its latest statement admitted that online trading remained “challenging” for the retailer. It reported a decline in Q2 website revenue of 35%, citing “product offer weakness from option and value reduction, website development post launch and tough market conditions with strong competition and a shift to physical store shopping”. However, strong store sales performance of +8%, supported sales growth of +1%.

The UK Top 100 retailer was recently profiled in the RetailX UK Fashion Sector Report 2023. Download the full report to discover how apparel, footwear and accessories performed individually and where these segments are heading. The report also looks at how speedy delivery and free returns are among the key factors shaping online fashion shopper purchases.

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