Morrisons is FREAKING OUT
It’s all out price war at Morrisons, who are slumping down the supermarket score tables like a slug falling off a saucer of beer. Aldi and Lidl are stealing their thunder, so the gloves are off, and the discounting is ON.
Morrisons have reported a pre-tax loss of (YIKES) £176million and a 2.8% fall in like for like sales, so it’s time to play the budget supermarkets at their own game. They’ve announced that they’re investing £1bn in cutting prices and making their products less depressingly rubbish.
It’s a tense time for the retailer, complicated by their involvement in online baby store Kiddicare, which is not doing well at all and will eventually be sold off.
Dalton Phillips, Morrison’s CEO said, while wringing the stress sweat from his hanky:
‘The strategy we are announcing today is a bold and comprehensive response to the fundamental structural changes that are taking place in grocery retail. We are significantly reducing our cost base and will invest £1bn into our proposition over the next three years, to improve our value even further and to defend and strengthen our competitive position.’
To cut costs even further, I also think they should ditch Ant and Dec from the ads and go with someone a bit cheaper. How about White Dee from Benefits Street?