Waitrose managing director Mark Price has insisted the upmarket supermarket chain is holding its own in the financial crisis, in an interview with the Financial Times.
Price told the newspaper that he is not losing shoppers to closest big four rival Sainsbury’s.
“It is not Waitrose in isolation [that is losing market share],” he told the newspaper. “All the big players apart from Asda and Morrisons [are losing market share] and what I am reflecting here is that we are not losing customers to Sainsbury’s. That is simply not true.”
The response follows Sainsbury’s ceo Justin King telling the Financial Times earlier month that Waitrose and Marks & Spencer were “suffering” in the current climate.
TNS Worldpanel data reveals that Waitrose’s market share fell from four per cent to 3.8 per cent in the 12 weeks to November 4, compared with last year. TNS said that Waitrose had seen its growth rate fall back progressively for the past eight quarters.
Price said that the reason Waitrose’s market share had fallen was because the retailer had invested £45 million in price cuts during 2008 to help out consumers. Promotions are now running on 700 out of 15,000 lines in store.
“I still think there is a place for price and quality,” added Price.
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