Asda are set to ace their current Smart Price range and replace it with a 'newer and larger' products.
The news comes amid a rise in the cost of living with the chain noticing a slow growth as customers returned to their pre-pandemic habits.
The supermarket firm, which was bought by the Issa brothers and backers TDR Capital last year, said it will axe its Smart Price range and replace it with Just Essentials by Asda products.
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It said the new budget range will comprise of 300 products which will allow for a 50% increase on the current Smart Price range.
Just Essentials products will initially arrive in stores from May 2022 and be rolled out to replace Smart Price over the summer with the new range said to be designed with consideration for customer concerns over the ongoing cost of living crisis.
It comes a week after the Office for National Statistics said inflation jumped to a 30-year-high of 6.2% in February with food inflation alone standing at 5.3%.
The Issa brothers have continued to lead the supermarket group following their £6.8 billion takeover, with the firm’s already lengthy pursuit of a new chief executive officer yet to find a replacement for Roger Burnley.
Mr Issa added: "When we bought Asda we were clear that we wanted to grow this great business and our ambition is for Asda to regain its position as the UK’s second-largest grocery retailer.
"We are pleased with the progress made in the six months since we officially took over the business and are confident we can achieve this long-term ambition by providing customers with exceptional value wherever and however they choose to shop with us."
Mohsin Issa, co-owner of Asda added: “We understand that customers are increasingly worried about the cost of living and want help to keep their grocery bills in check, whilst still being able to buy healthy and nutritious food for their families.
"Our new Just Essentials range has been specifically designed with this in mind, combing our lowest prices with a much larger and more diverse range of great value products to meet all household needs."
