30/06/2009

Tesco To Extend Border Prices Cuts To Dublin Stores

The UK-based retail superstore Tesco has announced plans to slash prices at its Dublin stores over the next two weeks.

The company has come under pressure to extend its price cuts throughout Ireland after announcing last month it would cut 12,000 prices at its outlets along the Irish border by an average of 22%.

The retailer said at the time of the initial price changes that the price gap with the North was at its lowest since the break with sterling in 1979.

However, competitors and ministers interpreted the move as "cynical" at the time or the announcement and pressure has been mounting for the supermarket chain to pass the savings on.

The retailer now says the cuts will be introduced in Dublin stores over the coming weeks and in the rest of its Irish stores by August.

Tesco says the move will help prevent around €200m in shoppers' money from going across the border to Northern Ireland in order to avail of cheaper prices.

Announcing the initial border price changes, Mr Tony Keohane, Chief Executive, Tesco Ireland, said the changes were a fight-back to protect jobs and the economy in the region.

"From now on, this is as far north as anyone needs to go to get great value. We are one of Ireland's largest employers and we are making fundamental changes which have reduced our prices significantly," he said.

(DW/BMcc)

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