Supermarket retailers have been given a reminder of the ongoing price war as new figures indicate sales dropping below £100 billion for the first time since 2010.
According to a new study from The Share Centre‘s Profit Watch UK, sales among the major grocers fell by 3.1 per cent to £99 billion during the second quarter.
The Share Centre also added that £89.7 billion was written down in the last quarter, the lowest since 2008.
With discount grocers Aldi and Lidl – plus online grocers Ocado and AmazonFresh – rapidly increasing their market share, the Big 4 have been left no choice but to slash prices in an attempt to halt their declining sales and footfall.
The Share Centre‘s investment research analyst Helal Miah said intense price war created a tough year for UK supermarkets, especially Tesco, Sainsbury‘s, Morrisons and Asda.
However, it has had repercussions, with the data indicating that the intense price war is chipping away at the grocers‘ revenues.