Asda co-owner to invest £30m amid weakening market share
The news follows NIQ’s grocery sales figures stating that Asda’s sales continued to fall by 5.9% in the 12-week period to 13 July compared to a year earlier
Asda co-owner Mohsin Issa will reportedly invest £30m into the supermarket chain in a bid to mitigate its loss of market share, The Telegraph has revealed.
It is understood that the investment will be made before the end of the year and will aid the retailer in increasing staffing hours and improving customer service levels.
Earlier this week, The Telegraph also reported that less than half of Asda’s staff are confident in its strategy.
A spokesman told The Telegraph: “We recognise that there are some areas where we can and need to improve, and have set out our plan for colleagues to improve the availability of products in stores, the overall customer experience and ensuring we have the right trade plan throughout the remainder of the year.”
The news follows NIQ’s grocery sales figures stating that Asda’s sales continued to fall by 5.9% in the 12-week period to 13 July compared to a year earlier.
Asda is said to be the only major supermarket group where sales are declining.
Along with its weak performance, unions have also criticised Asda for “cutting hours from the shop floor and not investing in the stores”.
GMB Union has recently confirmed that over 170 employees at Asda East Suffolk will strike from 3am to 10pm on 9 August after alleging that the group’s management had been “burying their heads in the sand”.
Asda has been approached for comment.
