Best&Less has recently announced that it has dropped prices on two million items of clothing, ranging from baby to men’s and women’s clothing. This move comes at a time when inflation is soaring, and households are feeling the pinch of rising prices.
The company, which has around 180 stores across Australia, has been able to lower prices due to its ability to buy in bulk, and its longstanding relationships with local and international suppliers. On average, the clothing items are 19 percent cheaper than they were before the price drop.
The company said the move was part of their commitment to providing everyday low prices, and to make their products more accessible to customers. With the lower prices, Best&Less is hoping to attract more customers who may have previously been put off by the higher prices of the items.
The price drop has been welcomed by customers, who have been looking for ways to save money in the face of rising prices. Best&Less is hoping that the lower prices will encourage customers to buy more items, and to become repeat customers.
“Our commitment to providing excellent value in our products and maintaining cost-effective operations is unparalleled,” Linda Leonard, Chief Merchandising Officer, made a statement.
“We recognize that babies and kids develop, and that purchasing new clothing is an expense that cannot be avoided.”
The Australian Bureau of Statistics’ latest monthly inflation data indicates that clothing and footwear prices rose by 5.7% in the year up to October.
The data from September revealed that, specifically, women’s clothing had been the primary factor in augmenting the cost of clothing and footwear over the preceding year.
Best&Less announced in August that its net profit had dropped by 55.5% to $36.11 million in FY22, which was affected by store closures due to the Covid-19 pandemic. Despite this, revenue increased by 8% to $622.181 million.
