UK: Safeway slashes prices as battle of baskets heats up
Safeway has upped the stakes in the battle of the baskets by announcing that another £120m (US$170m) will be passed back to consumers in price cuts on over 100 branded goods this year. The 485-strong supermarket chain, controlled by ex- Wal-Mart executive Carlos Criado-Perez, hopes that it will recoup its losses through an increase in sales generally, and so far Safeway's strategy to deeply discount staple products such as cornflakes while non-discounted items remain a little more expensive than at competitors appears to have paid off.
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