Supermarket price war fears

first_imgFears of a price war between supermarkets and discounters yesterday saw around £2bn wiped off the combined value of Tesco, Sainsbury’s and Morrisons shares.Share prices were hit after Morrisons announced a £176m loss for 2013, compared to a profit of £879m in 2012-13. The retailer blamed increased competition from the discounters for the “disappointing” results and announced a plan to invest £1bn over the next three years to lower prices and expand its presence in online and convenience.Morrisons’ shares fell 12% from 233p on March 12 to 205p at the close of play  yesterday. Tesco’s shares also dropped from 315p to 298p and Sainsbury’s saw nearly 10% wiped off the value of its shares, as they fell from 334p to 304p.Fundamental shiftSpeaking to analysts yesterday, Dalton Philips, Morrisons chief executive, said: “There has been a fundamental shift in how consumers view discounters. Consumers are no longer going to discounters out of necessity. The rules of the game have changed. There is a new price norm.”On her financial blog, Louise Cooper, independent analyst, said: “The big four are still lagging behind the changing market conditions. Morrisons is only just catching up with the developments of five to 10 years ago – online, loyalty card, convenience etc – let alone the changes happening now.”last_img read more

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Neil Young Announces Upcoming 2-Night Runs In New York & Philly

first_imgIconic Canadian rock star Neil Young has announced four new fall dates. On the heels of Farm Aid, which will take place on September 22nd in Hartford, CT, and a stop with the Outlaw Music Festival Tour the following evening on September 23rd in Saratoga Springs, NY, Young will head to Port Chester, NY’s Capitol Theatre for a pair of shows on September 26th and 27th. Following this two-night stand at The Cap, the famed rocker will finish his short stretch on the road with two shows at Philadelphia, PA’s Tower Theater on September 30th and October 1st.For the Capitol Theatre shows, Neil Young will be teaming up with Promise Of The Real for their Capitol Theatre debut, a band that has frequently joined Neil Young for performances in recent years and that is led by Lukas Nelson, the talented son of Willie Nelson. For the two-night run in Philadelphia, Neil Young will perform solo shows.A presale is currently underway for the New York shows on September 26th and 27th at The Capitol Theatre shows via Eventbrite, using the password “NEILYOUNGARCHIVES”. Tickets for the Tower Theater run went on sale last night for Neil Young Archives members and already are sold out. Farm Aid is also sold out, but tickets are still available for Willie Nelson’s Outlaw Music Festival Tour via Ticketmaster.last_img read more

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