Thai retailers Tesco Lotus and CP All have launched promotional campaigns to cut fresh food prices to counter declining sales at their hypermarket chains and 7-Eleven convenience stores, respectively.
Tesco Lotus has set aside Thb1.8bn-2.1bn (US$51.3m-59.85m) for this year to boost shopping, while CP All has set aside Thb1bn (US$28.5m) for promotions campaigns over the coming four months, according to the Bangkok Post.
'Lower prices for essential items will bring back customers to spend more at our stores every day, not only during the promotional campaigns,' Sompong Rungnirattisai, Tesco Lotus CCO told the Thai Daily.
The hypermarket chain is expected to cut its fresh fruit prices by 15 per cent in a similar campaign to one launched in March this year that saw its fresh produce cut to ‘cheap as wholesale’ prices.
CP All will launch similar price-cutting campaigns for the first time at its 7-Eleven convenience stores.
Our first-half sales did not increase sharply like in the past three or four years when the economy was better,' CP All Yuthasak Poomsurakul said.
