Matalan has confirmed it is slashing the prices of hundreds of products in a boon for shoppers.
The fashion and homeware retailer said the company has been able to make savings elsewhere in the business.
Some £35bmillion will be invested in reducing prices of over 700 Matalan products this year, including across lines of clothes and furnishings.
As a result, the average prices of must-have family essentials will drop by around 15 per cent in 2024.
The New Year is brining in big sales for shoppers
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Certain products will see their prices slashed by up to 25 per cent off as part of this latest wave of price reductions.
These changes to prices will come into effect in Matalan stores and online from today, Monday, January 8.
Women’s hoodies are being reduced in price from £15 to £12.50, while boys’ hoodies are being cut from £13 to £10.
Another example of the savings that could be made include a pair of men’s jeans being cut from £11 to £10.
Furthermore, Matalan’s popular beddings sets have been slashed in price by £3 across single, double and king sizes.
The retailer has cited a fall in input costs as the reason why it has been able to lower prices this month.
This is the expense Matalan has to pay suppliers for its products and operate its stores. On top of this, inflation in the UK has eased in recent months.
The homeware retailer has more than 270 stores based in the UK and overseas. Last year, a new senior management team took the reins of the company and have been able to make significant savings.
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Inflation is easing which is allowing retailers to cut prices
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Jo Whitfield, Matalan’s chief executive, took on the role in 2023 after previously heading up the Co-op’s food business operation.
On the new price reductions, she said: “The start of the year is always a tough time financially and this year, given how difficult 2023 was for so many families, it’ll be harder than ever.
“So, for 2024 we want to start the year off differently.
“We’ve unlocked efficiencies at a time when inflation and input costs are starting to fall, enabling us to pass these savings on directly to our customers – bringing down the prices of new and existing lines of everyday essentials and favourites across all our key categories.”
