Morrisons is slashing the price of 1,200 everyday food essentials by up to 60 per cent, triggering a bloody price war that will force rivals to follow suit. The move by Britain’s fourth biggest supermarket is part of a £1billion plan to permanently reduce prices in a bid to see off the threat posed by budget rivals Aldi and Lidl.
However, the price re-set will also drag the other members of the grocery big four – Tesco, Asda and Sainsbury’s – into the fray.
‘Morrisons is now cheaper. We are cutting prices not corners. We are making great food even more affordable and, in doing so, giving more reasons for customers to shop with us.’
In the past, all the major supermarkets have launched price cut promotions, boasting of bigger and better offers. However, these have often not offered the savings claimed, leaving shoppers sceptical and confused.
Morrisons is to challenge this problem by launching a website in May that will show the price history of products on its shelves to offer reassurances that they are showing genuine reductions.
The CEO said: ‘We’re serious about getting cheaper and setting new standards in transparency of pricing.
‘We want our customers to be proud of the products they buy and be reassured that they are cheaper. We have nothing to hide.’
The chain will back up the cuts by a new marketing campaign under the strapline ‘I’m Your New Cheaper Morrisons’.
The first TV commercials will run tonight around Coronation Street and Emmerdale.