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Gloucestershire Business News

Morrisons slashes hundreds of prices after being eclipsed by Aldi

Morrisons has slashed prices on hundreds of products after being eclipsed by Aldi, reports The Telegraph.

The grocer, which has stores in Gloucester and Cheltenham, is pushing through cuts on 820 items across food, drink and household products.

It takes the total number of products that it has reduced prices on this month to more than 1,000.

The supermarket giant said the move was to support shoppers during the cost-of-living crisis. It said on average, shoppers would be seeing savings of around 20pc on those products and it is also cutting prices of branded items including Dettol and Warburton's.

David Potts, chief executive of Morrisons, said: "Today's cuts demonstrate our continued commitment to doing all we can to help when it comes to the cost of grocery shopping.

"In addition to the cuts we made to the Savers range at the start of the month and then our fuel promotion, we're now cutting the price on even more popular products to help make a positive difference to the pockets of our customers."

The move comes after months of losing out to discounting rivals Aldi and Lidl, which have been major winners in recent months as cash-strapped shoppers hunt for a bargain.

Up until last September, Morrisons had held the title of the UK's fourth largest grocer, but slipped into fifth position after being leapfrogged by Aldi - the fastest growing supermarket in the UK.

Figures earlier this month from retail analysts at Kantar found that Aldi's sales had jumped 27pc in the year to Christmas, whilst Lidl's grew 24pc. Morrisons, meanwhile, has proved one of the worst performing grocers, with sales down 2.9pc over the year, compared to 6pc growth at Tesco and 6.2pc at Sainsbury's.

Morrisons is due to report its annual results later this week.

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