Musgrave cut retail prices €140m last year

MUSGRAVE Group, owners of the SuperValu and Centra franchises, slashed €140 million off retail prices last year as the recession hit consumer confidence.

The group says the discounts it will offer this year to Irish consumers will be even bigger as the retail grocery price war intensifies in a declining market fuelled by the economic slowdown and as consumers demand a better bang for their buck.

As a result of last year’s cuts, group profit for 2008, before tax, was down a significant 20% to €75.5m.