In an echo of Asda’s price guarantee scheme, shoppers can enter the details from their Tesco receipt online. If their shopping would have been cheaper at Asda, they will receive a Tesco voucher worth double the difference.
Tesco also plans to make £200m worth of price cuts by lowering prices on more than 1,000 products.
A Tesco spokeswoman denied that the promotion was an imitation of Asda’s price guarantee.
“This is more a response to the APG. It is verifying that what they are saying is misleading. This is Tesco putting its money where its mouth is,” she said.
“Asda’s claim is misleading and cynical. So convinced are we of that fact that we will give customers double the difference if Asda’s claim is not misleading.”
She also confirmed that there are no plans to extend the comparison to any other supermarkets.
The aggressive move comes as Sir Terry Leahy steps down as Tesco’s chief executive.
Richard Brasher, soon to be Tesco’s UK CEO, said: “Customers are telling us that they are putting a lot of thought into how to manage their household budgets.
“Tesco cannot influence the cost of heating your home, or the price of your train ticket, or what tax you pay: this is our way of doing what we can to keep household spending manageable. Tesco will lower prices on more than 1,000 everyday products across our stores – from rice and tea to bleach and washing powder. These will benefit every one of our customers.”
Asda’s Price Guarantee is branded ‘ineffective (28 February 2011)