Morrisons Ushers in Bold New Strategies to Stand Out from the Crowd
With the aim of combatting their loss of market share to competitors, supermarket chain Morrisons is gearing to invest in the quality of its products and slash its prices.
The company has announced it will invest £1bn over the next three years, including £300m in 2014 to reduce product prices. Morrisons will also be fast tracking investment in new marketing channels such as online and convenience, with the strategy of launching fewer yet more impactful promotions.
Additionally, the supermarket has plans to trial an "innovative" click and collect format, as well as doubling the number of its convenience stores across the UK to 200. Morrisons has further stated that its new loyalty programme will be fully rolled out by the end of this year.
Morrisons CEO, Dalton Philips, commented: "The strategy we are announcing today is a bold and comprehensive response to the fundamental structural changes that are taking place in grocery retail.
We are significantly reducing our cost base and will invest £1bn into our proposition over the next 3 years to improve our value even further and to defend and strengthen our competitive position. Customers will see this in our stores as well as in our fast growing online and convenience offers."