Morrisons is following rivals in matching prices from discount retailers Aldi and Lidl as it seeks to reverse a loss in market share.
Britain’s fifth-largest supermarket group is adopting a tactic that Tesco, Sainsbury’s and Asda have already implemented.
Last month, the chief executive of Morrisons and ex-Carrefour boss Rami Baitiéh said he was not satisfied with the group’s performance.
Baitiéh announced at the time that he was working on plans for improvement.
Rivals
Since the financial crisis of 2008, discount retailers have seen rapid growth.
This change in consumer interest has forced traditional chains to invest heavily in value to protect their market positions.
Tesco and Sainsbury’s, Britain’s number one and two retailers, have credited their Aldi price matching schemes for stemming the flow of shoppers leaving for discounters.
Between them, Tesco and Sainsbury’s hold a 17% share of Britain’s grocery market.
In an effort to keep pace with competitors, Asda launched a similar scheme last month.
Price Matched
Morrisons said that from today, over 200 items would be price matched with discounters.
This will include essentials such as milk, corn flakes, canned tomatoes, rice, bread, beef mince, chicken fillets, bananas, and carrots.
Prices will be checked twice a week and adjusted if needed.
Morrisons has been owned by US private equity group Clayton, Dubilier & Rice since 2021.
The retailer differs from its competitors in that it also has its own production operations and makes half of the fresh food it sells.
Baitiéh has said he will give a strategy update in March.
Read More: Morrisons Core Earnings Up 6.5% – But CEO ‘Not Satisfied’
