Grocery Stores Call Discount to Increase Sales
With fall in annual income of families in UK, big grocery stores have also witnessed downfall in sales and income in last three months.
As a result of the fall in annual income, resulting from debt-crisis in the nation, the top stores of the UK are facing a decline in their market position from last 12 weeks. Grocery tycoons of the nation, Tesco and Asda, have been really upset with their persistently falling market position.
The issue came into notice after Tesco initiated the cost cutting measures on its 3,000 products as per Big Price Drop campaign, alongside its rival Sainsbury who implied the Brand Match scheme. According to the Director at Kantar Worldpanel, Edward Garner, the grocery stores of the nation were trying to increase their sales by providing attractive offers to the consumers and lowering the price of the products.
Also, Asda strongly reacted to the scheme of offering refund coupons implied by Sainsbury, which stated that the store will take back the products sold to customers, if another store was selling the same product at lower price.
The schemes implied by grocery giants resulted in increasing sales. The sale rates of grocery firms Tesco, Asda, Sainsbury's and Morrisons increased to the mark of 9.4%. The overall growth in the sales in the grocery market came to 5.1%. But on the contrary, the inflation in the prices of the grocery items I was recorded at 5.7%.
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