Asda and J Sainsbury have kicked off a new round of price cuts in the supermarket industry, with Tesco set to follow, as the “big four” prepare for a brutal 2015.
Asda, the country’s second biggest food retailer, said it will commit £300m to lowering prices in the first quarter of 2015, while Sainsbury’s, the third biggest, said it would lower prices on 1,000 products by investing £150m this year.
The moves by Asda and Sainsbury’s come ahead of Tesco’s highly-anticipated trading update on Thursday, when new chief executive Dave Lewis is expected to announce major price cuts alongside an update on his strategy for the retailer and its performance over Christmas.
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