Morrisons slashes prices AGAIN as supermarket attempts to woo Aldi and Lidl shoppers back to its aisles
Morrisons is slashing prices for the third time in three months as it attempts to drag shoppers back from value retailers including Aldi and Lidl.
The supermarket said it was cutting the prices of 460 items such as beef mince, cleaning products and fruit, in a move that followed on from a round of price cuts made in January and February.
The private equity owned grocery store also said it would extend January’s price lock on some 1,000 items for another two months.
Rachel Eyre, chief customer and marketing officer at Morrisons, said: “In January we cut the price of 1,000 products and committed to keeping them at that price for at least eight weeks. We’re now going again with a second wave of activity to keep prices locked low well into the spring.
The grocer revealed it has invested £148m in recent months to cut prices in efforts to entice shoppers back after bargain supermarket Aldi stole its place as Britain’s forth biggest retailer.
The German value retailer has seen its profits soar over the past few months as the cost-of living crisis has forced shoppers to seek out cheaper food options.
In December the retailer delivered £1.4bn in sales, while Morrisons actually suffered a 2.9 per cent loss seeing sales slump to £3.1bn in the 12 weeks to December 25.
As shoppers continue to feel the pain of soaring food inflation, rivals Tesco and Sainsbury’s have also been forced to announce a series of price cuts to compete with Aldi prices.