John Lewis is pledging £500mn of investment in a ‘Quality & Value’ drive as shoppers become more cost conscious this year. The shift in focus will see its near-century-old ‘Never Knowingly Undersold’ customer reassurance pledge being scrapped. The new banner of ‘Everyday Quality & Value’ means all John Lewis customers will benefit from great prices everyday - without having to shop around, the company said. It noted the £500mn investment in value is 25% higher than the amount it spent on keeping prices affordable last year. Its founding philosophy of treating customers fairly remains. However, it said shoppers can be reassured that it will continue to monitor other retailers’ prices regardless of whether they’re buying online or in-store. The department store also promises that its customers will also see “better and more personalised offers and rewards” through the ‘My John Lewis’ loyalty scheme.