New research has revealed that UK consumers believe Sainsbury’s as the next retailer to bite the dust. The majority of those cited that they think this will happen within five years and almost a third of the relevant respondents believed that this would happen due to the recent ‘financial losses’ of the supermarket brand.
According to the results of a study commissioned by VoucherCodesPro, the majority of Britons are pessimistic about the fate of Big Four grocer Sainsbury’s. The most common reason given for the predicted end of Sainsbury’s was the recent ‘financial losses’ of the company, whilst the majority of respondents admitting that they ‘never’ did their grocery shopping there.
Initially, all respondents were asked ‘Which major company do you predict will be the most likely to go bust next?’ Respondents were presented with an extensive list of major companies and brands, before being asked to select one from this list. 18% of participants expect Sainsbury’s to go, 14% cited Sports Direct while 13% argued that Mulberry would get the axe.
27% of those questioned felt that Sainsbury’s would go under due to the ‘high prices’ of its products, whilst 22% of the relevant respondents selected ‘the rise of budget supermarkets’ as the reason behind their decision.
When asked what they thought Sainsbury’s should do to avoid going bust, a majority of 56% of respondents indicated that the supermarket giant should ‘cut prices’. A further 31% said that they thought Sainsbury’s should ‘close some stores’, whilst the remaining 13% indicated that Sainsbury’s should ‘stock more local produce’.