Morrisons fires new salvo in supermarket price wars
Thursday 01 May 2014
Morrisons has ramped up the price war between the supermarkets as the traditional Big Four, alongside Tesco, Sainsbury’s and Asda, struggle to compete with discount newcomers Aldi and Lidl.
Dalton Philips, Morrisons' chief executive, revealed that 1,200 lines across its stores would see prices cut by on average 17 per cent, in the hope that it will stem the tide of shoppers heading elsewhere.
The company has been hit hardest by the shift to discounters and recorded a dreadful set of results recently which has seen both Mr Philips and chairman, Sir Ian Gibson, come under pressure. A lack of online and convenience store presence has also left the business exposed.
But Mr Philips hit back with the aggressive price cuts, which will cost up to £300 million a year, and said parts of London will be able to order online for the first time.
Both Tesco and Asda have also announced price cuts but Morrisons has become the first big supermarket to put a figure on the number of products being reduced.
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