Morrisons slashes prices in bid to win back customers
Posted: 01 May 2014, 09:13
Morrisons has raised the prospect of an all-out supermarket price war with cuts on over a thousand of its products.
The company, which is one of the "big four" UK supermarkets, has been fighting to win back shoppers after months of falling sales.
It says prices on everyday essentials will now be 17% cheaper, on average.
All of the major UK supermarkets are under pressure from the rise of discounters, such as Aldi and Lidl, and the growth of online shopping.
However, Morrisons has been losing more customers to the discount retailers than its rivals.
After posting a dire set of annual results in March, Britain's fourth biggest supermarket said it would commit a billion pounds over the next three years to lowering prices.
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http://www.bbc.co.uk/news/business-27230767