John Lewis is ditching its famous "Never Knowingly Undersold" promise to shoppers after almost 100 years.
The famous slogan meant the iconic retailer would match the price of branded products in other shops if a customer found it cheaper elsewhere.
But the policy did not apply to online-only rivals and John Lewis says it no longer reflects how people shop.
John Lewis says it will investment of £500million in keeping prices down without customers having to shop around.
This figure is 25% more than was spent on maintaining lower prices in 2021, John Lewis said.
The “Never Unknowingly Undersold” promise was introduced in 1925 when John Lewis only had two branches.
John Lewis executive director, Pippa Wicks, said: "Customers are tightening their belts and we're responding so John Lewis is more affordable for every customer, every day whether shopping in-store or online.
"Never Knowingly Undersold has been a cherished sign of trust for John Lewis for a century but it doesn't fit with how customers shop today as more purchases are made online.
"Our new £500 million investment means all our customers can trust they're getting the quality, style and service they expect from John Lewis at great value prices."
After the high street giant confirmed it was ditching the promise, MoneySavingExpert founder Martin Lewis said it had effectively become redundant anyway.
"The Never Knowingly Undersold promise has always been a bit of a psychological sop to consumers, giving an arguably false impression that John Lewis is cheap," he said.
"In reality, it allows the store to charge what it likes and know that, for a few price-sensitive shoppers - less than 1% last year - who are bothered to check prices elsewhere after making a purchase, John Lewis will reduce its price but only to that of its high street competitors."
Martin said those who won't benefit from the price promise being axed are shoppers who buy electrical goods.
"With these, 'Never Knowingly Undersold' allows you to find a cheap price elsewhere, then buy at that price with John Lewis and get its two-year guarantee on electrical items, or five years on a TV.
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“Even then though, it won't consider matching the price of online-only retailers.”
The update from John Lewis comes after its sister business Waitrose announced it is ending its free newspaper offer to loyalty card holders.
The posh supermarket claims just 5% of members are making use of it.
The move comes as part of a wider Waitrose loyalty scheme shake-up, which the grocer says will give shoppers the ability to save 112% more.
MyWaitrose will relaunch on February 23 and will offer customers more “personalised offers” that should be based on their shopping habits.
Waitrose, which is part of the John Lewis Partnership, said loyalty members would get “more flexibility, tailored offers and money off their weekly shop” with rewards split into two categories.
There will be both personalised offers and exclusive savings, with vouchers being issued on a weekly basis.
