Tesco makes u-turn on voucher offer

Wed, 18 Jan 2012
 
Get the latest prices, codes, vouchers & deals fortnightly.
Tesco has launched a new loyalty voucher scheme in a bid to boost sales following a "disappointing" Christmas.

Under the promotion, customers are offered a £5 voucher for every £40 they spend in-store on online, which can be redeemed against their next £40 shop.

The loyalty initiative, which uses the strapline "A Helping Hand from Tesco", is backed by a national print advertising campaign and runs until 22 January.

The move comes in the wake of group CEO Philip Clarke’s admission that the supermarket giant got its promotional strategy wrong in the run-up to Christmas.

In last week’s trading statement, Clarke said Tesco should not have cut back on voucher activity before and during the festive period, adding that the strategy had failed.

He also revealed that it contributed to Tesco’s worst set of results in 20 years, resulting in a £5bn fall in the retailer’s market value.

Tesco lost out to rivals Morrisons and Sainsbury's over the Chritmas trading period, with the latter revealing record results on the back of its own Brand Match campaign.