^ My, how times have changed at Tesco...
In the recessionary era of the early 1980's, Tesco launched Checkout '82 - prices on 1,500 key lines were cut between 3% and 26% and Tesco sales soared to £2bn. Tesco understood customers and put them at the heart of what it was doing, so Tesco led.
In the recessionary era of the early 1990's, Tesco launched the Value range. Using basic red, white and blue packaging to hammer home the no-frills message, it had the desired effect and the range would become a billion-pound brand leading to the infamous 'baked bean wars' when beans at Tesco fell to 3p for a tin. Tesco understood customers and put them at the heart of what it was doing, so Tesco led.
In the recessionary era of the financial crisis, in 2007 Tesco invested £80M to cut the price of 600 of its own-brand everyday items by as much as 30%, igniting a price war among the big retailers and leading to the Price Comparison craze. Tesco understood customers and put them at the heart of what it was doing, so Tesco led.
In the midst of a cost of living crisis in 2022, Tesco's Chairman tells us to put our bread in the fridge(!) and offers prices the same as Sainsbury's if you have a Clubcard and prices the same as Waitrose if you don't. Meanwhile, profits increase to being 38% lower than they were 11 years ago...