Given the time of the year it’s a salutary warning. Don’t drink too much! Apparently Asda did. According to its chief executive Andy Bond, the retailer got “drunk on success.” Asda is set to lose its number two slot in the super market league table early next year. Sainsbury’s, which was written off by many a couple of years ago, is about to overtake it. Mr Bond says that the company has twice missed targets set by its parent company WalMart, but now things are set to change.
Mr Bond said, “Asda has always been about being the lowest-priced retail brand and I’m going to be more aggressive next year,”
© Investment & Business News 2013