Morrisons Push Price Cuts in Bid to Reclaim Market

Morrisons are to make another push in the current supermarket price war with an announcement claiming over 130 items will see a price reduction.
Another price war between the big four super stores, Tesco, Asda, Sainsbury’s and Morrisons kicked off earlier this year as discount stores began to claim larger and larger portions of the market.
The cuts are to be made on 130 “everyday items”. Furthermore, the average price reduction will be 14%, but some products will see over a 30% cut.
This announcement comes on the heels of a previous announcement of 1,000 permanent price cuts, showing that Morrisons will be pushing ever further in an attempt to regain its custom.
“Cuts will be across a mix of everyday products, predominantly in the grocery and household areas of the store” said a statement from the store.
In March, Morrisons reported a pre-tax loss of £176m for 2013/14.
As a result, Morrisons has seen its share prices reportedly fall by about a third in the last year.
What with Aldi and Lidl, ruising up as big discount stores, and M&S and Waitrose taking the share market at the premium end of the spectrum, all the main supermarkets are struggling.
In addition to the price cuts however, Morrisons have announced 2,600 job cuts to managerial staff, of the 126,000 total employees, in an attempt to create “simpler, smarter ways of working.”