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Sainsbury’s is set to invest £550m over two years to keep its prices low and be “more competitive”, CEO Simon Roberts has confirmed, with £15m to be invested over the Christmas period.
Speaking to the Mail on Sunday, Roberts said that the move will mean that profits will be lower next year as a consequence, though they are still set to be ahead of their pre-pandemic level.
He told the publication that in a bid to remain competitive, the group is price matching Aldi on many everyday products, so that customers are “getting Sainsbury’s quality and an Aldi price”.
Although Aldi has overtaken Morrisons to become one of the ‘Big 4’ supermarkets alongside Sainsbury’s, Tesco and Asda, Roberts said “we are seeing more customers coming back to us from the discounters”. However, he warned there was “zero room for complacency”.
He said that while discounters may have limited range, Sainsbury’s offers over 30,000 food products in one store.
Roberts told the outlet: “Do you want to go to lots of places for what you need or one place? Time is precious, not just money.”
