Tesco has taken out full-page newspaper and television adverts to publicise a new money-off promotion aimed at winning back customers after what it has admitted was a “disappointing” Christmas campaign.
Tesco posted the worst Christmas results of the UK’s top four supermarkets following its £500m Big Christmas Price Drop initiative and is now changing its strategy to vouchers with a new campaign strapline: “A Helping Hand from Tesco.”
Shoppers will be given a £5 voucher if they spend £40 in store or online up to and including 22 January.
The voucher can then be used on another £40 or more shop between 23 and 29 January. in what it calls “A Helping Hand from Tesco.”
A spokeswoman for Asda said the retailer had run a similar offer in October, and had no plans to relaunch it in response to Tesco's campaign.
Tesco's share price plummeted by 15 per cent last week following the profit warning, knocking almost £5 bn off its capitalisation value.
But, in what is being seen as a vote of confidence, one of the world's leading investors, Warren Buffett, has increased his share in the supermarket.
He has bought around £480 million worth of shares in the chain following the dip in value, increasing his stake from 3.21 per cent to 5.08 per cent.
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