Morrisons has announced it will cut prices on more than 1,000 products, intensifying the ongoing supermarket price war. The UK's fourth-largest grocer said it would reduce the cost of items such as fruit and vegetables by an average of 19%, with the reductions lasting for at least three months.
The Bradford-based chain stated that the cuts, which apply to 1,072 products, are part of a rolling programme. Chief executive David Potts said: “We continue to listen carefully to customers and they have told us they want lower prices, particularly on fresh food and everyday essentials.”
The move comes as the UK's major supermarkets – Asda, Tesco, Sainsbury's and Morrisons – compete to retain market share against discounters Aldi and Lidl. Supermarket prices have been falling for over a year.
Last month, Morrisons reported a surprise rise in festive sales, its best Christmas for four years, with like-for-like sales up 0.2% in the nine weeks to 3 January. However, the grocer also announced it would close seven stores, putting around 680 jobs at risk, following the closure of 11 stores last September affecting 900 employees.
Morrisons also sold 140 local convenience stores for about £25m last September to focus on its larger supermarkets. Analysts at Shore Capital described the price cuts as “another notch in its progress to being a more distinctive value-orientated superstore group.”
