Walmart’s Asda unveils more price cuts - UK
Fin24 - Jan 12th 2016, 09:29
London - Walmart Stores Asda has pledged to invest an additional £500m in cutting prices, creating further upheaval for the UK’s largest supermarket chains.
To fund the move, Asda is changing how it buys products. The grocer is joining Europe’s leading buying alliance European Marketing Distribution, which pools the collective power of 250 supermarket chains, to make the required savings. Asda expects 2016 to be another challenged year for UK grocers.
“The rise of the limited assortment discounters means that we must take radical action to win back our customers." chief executive Officer Andy Clarke said in a statement Sunday.
Asda’s latest price cuts come at a time when its sales are falling at a faster rate than at any of its rivals, despite being more than 12 months into its existing five-year plan to lower prices by £1bn ($1.45bn).
The grocer’s move signals that the price war among UK supermarkets, prompted by the growing popularity of discounters Aldi and Lidl, is set to continue into 2016.
Asda will disclose its fourth quarter results on February 18.From Fin24.com
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