MARKS & SPENCER has launched its biggest ever price investment in Ireland, reducing 200 products in a bid to compete with discount retailers.

The high-end shopping chain yesterday announced that it was to close over 100 of its stores in the UK – but a spokeswoman for shops said Irish stores are unaffected by the decision.

Prices will be reduced by an average of 24%, according to the store.

Today is the first phase in the campaign that will see further prices lowered in the coming months.

Ken Scully, M&S Ireland country manager said: “This is our biggest ever price investment in the Republic of Ireland. We’re doing it to sharpen our prices for customers who we know come to us for our trusted value and great quality products.”

M&S had in November 2016 launched a five-year overhaul of its UK stores amid fierce competition from supermarkets and budget garment chain Primark (Penneys in Ireland) – as well as online giants like Amazon. The restructuring was accelerated last year.

“We are making good progress with our plans to reshape our store estate to be more relevant to our customers and support our online growth plans,” said Sacha Berendji, M&S retail, operations and property director.

The retailer, which had a total of 1,035 stores at the end of its 2017/2018 financial year, will publish its annual results tomorrow.