Morrisons Cutting Prices After Losing Spot In Big Four

 Namnews, 26th September 2022

Days after being displaced as the UK’s fourth-biggest supermarket chain, Morrisons has announced that it is investing over £100m in price cuts across 150 of its most purchased products.

The lower prices and multi-save offers will cover nearly 6% of Morrisons total volume sales, with a claimed average saving of 14%. Items covered include bread, baked beans, cereal and a variety of fruit and vegetables, as well as some of Morrisons’ entry-level products within its Savers and Wonky ranges.

The supermarket – which was recently overtaken by Aldi in market share terms – stated that it had made use of its own manufacturing sites to introduce the price cuts and help cash-stapped customers.

Morrisons Chief Executive David Potts said: “The cost-of-living crisis continues to place an enormous financial burden on our customers and we want to play our part in helping them when it comes to the cost of grocery shopping.

“These price cuts are on the products they buy day in and day out and will have a noticeable impact on their budgets and demonstrate our commitment to offering the best possible value.”

A new dedicated ‘More Ways to Save’ section has also been added to the Morrisons website to highlight its latest offers on brands and own-label items.

Morrisons, which was acquired in 2021 by the CD&R in a deal worth £7bn, has been losing sales amidst the tough trading conditions. Surveys suggest its prices have become more expensive compared to key competitors in recent months, weakening its performance.

NAM Implications:

• Key to ensure that these price cuts are at Morrisons’ expense rather than yours.
• Keeping in mind that Morrisons will also have to compete on price with other mults…
• …as well as the discounters.