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How good are people in your job at saving into a pension? Money Morals: What should I charge a friend to rent my spare room? Should I pay off my student loan before applying for a mortgage? Supermarket shares under pressure after Amazon sparks price war fear by cutting prices at Whole Foods from Monday Shares in Tesco down 1. Concerns that US giant Amazon will trigger another supermarket price war by slashing prices at its newly acquired Whole Foods dragged shares in British grocers lower today. Tracking falls in US supermarket stocks, shares in Tesco fell 1.
Lowering prices: Amazon will slash prices of some Whole Foods products like avocados and mince meat from Monday, which is when the takeover completes. However, independent retail analyst Nick Bubb said the falls were also connected to profit-taking in the grocery sector, following recent figures showing that all of Britain’s big four increased sales in the last three months. UK context and the fact is that the Food Retailers were due some profit-taking after a strong run on the back of Tuesday’s Kantar figures,’ Bubb said. In Britain, Whole Foods has just nine stores, most of them in London and very upmarket with prices to match. Nevertheless, Amazon’s entry in the grocery market may destabilise Britain’s big supermarkets, which are still fragile and just slowly beginning to see sales increase again recently after having lost customers to discounters Lidl and Aldi. The US online giant’s takeover of Whole Foods operations in the US and UK was given the backing by the supermarket chain’s investors earlier this week.
The merger will give Amazon a bricks and mortar presence for the first time, as it looks to extend its domination to food as well as consumer goods and books. The deal was unveiled in June, sending supermarket shares plummeting. Ray Gaul, vice president at Kantar Retail, said Amazon’s move into grocery means that the giant can now target its Prime Members with organic products. British consumers who are Prime Members. The comments below have not been moderated. We are no longer accepting comments on this article.
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