Morrisons - comment
Price support will continue to drag on margins in 2024. The latest plan to price match Aldi in certain products is an effort by Morrisons to regain market share lost in the cost-of-living crisis. We still expect 2024 to be challenging for Morrisons, but the forecourt sale gives the company leeway. As in the past, after the discounters reached high tide, the Big 4 dropped some prices to entice customers back whilst relying on their broader product ranges to retain them thereafter.