Penneys shoppers have been given an update on the price increases expected across the brand over the coming months.
The cost of living has been flooding the headlines for some time now as families struggle to pay bills, fill the car and buy groceries.
While there is no sign of inflation slowing down, more and more companies are announcing price hikes for customers, bu Penneys has today given Irish fashion lovers a reassuring message.
READ MORE: Penneys shoppers dealt blow as prices set to rise across Irish stores within months
The budget fashion retailer has said it will not be increasing prices further except for those already actioned and planned.
According to Retail News Ireland, company bosses have made the move in an effort to “protect sales in a tough economy.”
The retailer says, like most businesses at the moment, they expect to face a “spending slowdown” due to the cost of living crisis hitting its customers across the globe.
Earlier this year, Penneys had to resort to price hikes in response to the outrageous energy costs facing them.
Meanwhile, Associated British Foods, which owns Primark, says this decision to restrict further price hikes would hit Primark and its margins next year.
It explained that the price action will be used to protect its market share as shopper demand is tested amid the current financial climate.
The retailer generated €8.9 billion in 2019 and is best known for its affordable kidswear, womenswear, menswear, homeware and footwear, and more.
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