Business
Tesco: Pricing Structure Will Remain
The supermarket giant is buying out all of Shoprite’s stores
Tesco has said it will continue its current policy on prices on the island following its takeover of Shoprite.
The supermarket giant is buying out all of Shoprite’s stores, bringing to an end the 50+ years of the Manx company.
Having been open on the island since 2000, Tesco will soon have 10 stores under its banner but has said it won’t lead to price increases on-island.
It said it will be linking prices locally with those in the UK post-transition, with a ‘small additional fee’ for transport costs, which is in-line with its current practice.
Jason Tarry, Tesco UK CEO, said the deal was a great opportunity to bring its range and value to more customers on the Isle of Man.
He said: ‘I am really pleased that we’ve reached this agreement with Shoprite. Deryck and Kevin Nicholson and the team at Shoprite have built a fantastic business over many years and we look forward to welcoming Shoprite’s store colleagues and customers to Tesco.
‘It’s particularly important that we are able to deliver great value for customers on the island. For that reason, we will be linking prices locally with those in the UK. Our priority is to deliver for Manx customers the fantastic value that we deliver for all of our customers.
‘We will now be engaging with suppliers and the wider community in the Isle of Man, many of whom we know well as Tesco has been operating locally for 23 years.’
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While the news of the sale has been met with a very mixed response from islanders, there has been anguish at Shoprite’s head office where Gef has been told between 30 and 40 staff are facing redundancy.
