Lidl Ireland to introduce early customer savings from VAT reduction from 1 August
Print24 July 2020
Lidl Ireland has become the first retailer to announce it will be passing on savings from the recent VAT reduction to its 2 million weekly customers from the earlier date of 1 August 2020.
Following the Irish government’s recent measures to boost the economy by lowering the VAT rate from 23% to 21% from 1 September, Lidl has made the commitment to not only pass the savings to customers, but also to bring forward these savings by one month.
Lidl’s latest announcement follows the recent launch of an instant rewards app which it says “delivers even more incredible savings and benefits to customers across the retailer’s network of 163 stores throughout Ireland. A market first, Lidl Plus offers customers discounts across Lidl’s vast range of own brand and branded products, saving shoppers at least €10 each week”.
J.P. Scally, chief executive officer at Lidl Ireland, said he was delighted to announce the cost savings during the same week that the group is celebrating its 20th anniversary in Ireland.
“At Lidl, we bring the best value to communities around Ireland without compromising on quality and this has helped to drive our phenomenal growth over the past two decades,” Scally said.
“Passing on the VAT reduction savings to our customers from the earlier date of 1 August means we’re proudly putting even more money back in our customers’ pockets,” he added.
Yesterday, Retail Excellence welcomed the government’s package of measures to boost the economy.
‘We are pleased to see the reduction in the 23% VAT rate to 21%, a further write off of commercial rates to the end of September, the extension of the Wage Subsidy scheme to 2021, and a further €8m being allocated for retailers to develop their online presence,” said Duncan Graham, managing director of Retail Excellence.
“Whilst these measures will go some way to help retailers recover, we fear it may not be enough to prevent further stores closures and job losses in the sector,” Graham added.
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