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Didn't it start with John Lewis?

The principle and slogan Never knowingly undersold was adopted in 1925. It applied to the company's Peter Jones store. It echoes an advertisement of 1846 by John Lewis subsidiary Bainbridge of Newcastle upon Tyne that stated that 'Bainbridge and Muschamp are resolved that they will not be undersold by any House in the Kingdom'. It stated that if a customer could buy the same item cheaper elsewhere they would refund the difference.

http://en.wikipedia.org/wiki/John_Lewis_Partnership#History