Supermarket group Morrisons is investing £15 million to cut the price of everyday products in a bid to attract cash-strapped customers after a disappointing festive period.
The struggling supermarket has reduced the cost of 200 products by an average of 20 per cent, including cupboard essentials and breakfast options, as well as fresh produce. Some of the biggest price reductions include Morrisons washing up liquid (450ml) reduced from 75p to 59p, a five-pack of bananas from 99p to 78p, Morrisons brown basmati rice (1kg) from £2.99 to £1.85 and chopped tomatoes (400g) from 60p to 49p.
In total, Morrisons has confirmed 1,000 items have had their prices locked low for the next eight weeks (from 27 December). This is the second year in a row that the retailer has continued its commitment to a rolling programme of eight-week price ‘locks’ on thousands of products.
Rachel Eyre, Chief Customer and Marketing Officer at Morrisons, said: “We know that January can be a difficult month for many after enjoying the festive season, so we wanted to do all we can to keep prices low without any compromise on quality.
“Whether it’s helping our customers with ingredients for nutritious meals or making it easier for them to stock up on toiletries, we are starting the new year as we finished the last one – with a real focus on meaningful price cuts across all areas of our stores.”
Industry data released by Kantar today suggests that Morrisons had a relatively weak Christmas period, with sales growth of only 3.2 per cent, way behind its main rivals.