Morrisons ramps up assault on rival supermarkets after slashing more prices
Morrisons has launched a fresh round of price cuts today as the troubled supermarket group steps up its efforts to win back shoppers defecting to cheaper rivals.
Britain’s fourth-largest grocer will cut the price of a further 135 grocery and household products today by an average 14 per cent.
“These are permanent price cuts, not promotions, and they won’t be the last,” Morrisons’ chief executive Dalton Philips said.
Tesco, Asda, Sainsbury’s and Morrisons are all cutting prices of key products to win sales and tackle rising competition from the German discounters Aldi and Lidl.
Morrisons, which has suffered a dramatic decline in sales, is investing £1bn in price cuts over the next three years and has already cut the price of over 1,000 basic items.
The supermarket last week announced it will cut around 2,600 jobs from its stores as it seeks to simplify its management structure.
Philips has come under increased pressure to improve Morrisons’ performance. He was criticised by by Sir Ken Morrison at its annual meeting earlier this month, who described his strategy as “bullshit”.
Meanwhile troubled rival Tesco is likely to come under fire from shareholders over its performance at its annual meeting on Friday.