Morrisons has won clients from rival Asda since the start of the coronavirus pandemic
Morrisons has won customers from its rival Asda since the pandemic started, supermarket sources have revealed.
Asda underperformed its competitors in the six months to the end of September, recording the slowest sales increase in the rush to stock food in major stores, according to data compiled for The Mail on Sunday.
Top: Morrisons, which data collector Kantar said had grown the fastest of UK supermarkets, generally kept its market share at just over 10 percent
Asda’s market share fell to 14.3 percent in the six-month period from 15.1 percent a year earlier.
Morrisons, which data collector Kantar said had grown the fastest of UK supermarkets, generally maintained its market share of just over 10 percent, despite fierce competition from the Co-op and Iceland as shoppers traveled less. and spent more locally.
“Morrisons has been at the forefront since its inception and its stores are often located near Asda – it’s abundantly clear that it has taken Asda customers,” said a supermarket executive.
Rivals have described the Asda chain as “ unloved ” and said they hoped the new owners – Blackburn-based brothers Zuber and Mohsin Issa and their private equity partners TDR – would invest heavily in the chain.
But a supermarket veteran said the shops would need as much as £ 500 million to refurbish.
Another said the £ 1 billion the new owners have set aside to invest in the business over three years will ‘barely scratch the sides’ as its rivals escalate their price-cutting campaigns. The deal, which has yet to be finalized, was critically acclaimed when it was announced earlier this month.
But there has been growing focus on the brothers’ business empire since The Mail on Sunday revealed that their £ 18 billion gas pump company EG Group had ties to a string of tax havens from Jersey to the Cayman Islands.
The investigation also found that interest payments on his £ 7.7 billion debt offset profits, significantly reducing tax payments.