New Look has been on the UK high street since 1969, and we’ve seen it go through several transformations in the years that have followed. However, amid falling sales in a challenging environment, the store has announced yet another change – and it’s one that will leave plenty of change in your back pocket.
While its clothing and accessories have always been purse-friendly (particularly the much applauded shoe selection), New Look has now announced that it will be cutting prices to ensure that 80 per cent of its stock sells for £20 or less.
The store, which set to close 60 stores after like-for-like sales fell by 11.7% last year, says that it hopes the move offer their customers ‘significantly better value’, with a focus on ‘value-led fast fashion’.
‘Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance,’ commented the company’s chairman, Alistair McGeorge.
“Since November, we have focused on making the necessary changes to get the company back on track and reconnect with our customers.’
‘Our turnaround plan is now well underway, and we have already made substantial operational improvements to help stabilise the business, reduce our fixed cost base and put us in a better position to drive future full price sales.’
Many of New Look’s products will remain unchanged, as they already fall into this £20 bracket. However, you could find the cost of more premium items such as tailoring, denim and occasionwear falling to bring them in line with this new pricing strategy.
Commenting on the announcement, VoucherCodesPro spokesman George Charles told The Mirror: ‘It’s definitely going to grab more attention from potential customers and we could well see an improvement thanks to this tactic which is a rarity when news comes out that a business is struggling.’
‘Not only are they wanting to make the majority of their goods cheaper, which appeals to the most basic bargain hunter in all of us, but they are also widening their age demographic to 18 – 45. We hope that New Look can make this work – it’ll be sad to see another high street name disappear.’