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Safeway sees profits soar after scrapping ABC card.(Safeway PLC institutes price-cutting instead)(Brief Article)
Safeway has confounded critics who claimed it was scrapping its loyalty card for all the wrong reasons, with the release of its latest set of results.
The supermarket has attracted one million more customers a week since launching an aggressive price-cutting programme last year. The group has also reported a ten per cent rise in interim profits to 166 million [pounds sterling] and like-for-like sales growth of five per cent -- better than Tesco at its half-year stage.
Safeway has created 15 consecutive months of sales growth and has seen its share price increase significantly compared to its rivals.
When the retailer scrapped its loyalty card in May, saying that shoppers were fed up with collecting points and would prefer to see cuts in prices, industry commentators were sceptical the store was ditching the ABC card for the right reasons.
That decision contrasted the prevailing view that loyalty cards are a vital weapon in the supermarket price war, but more importantly that they are a key data acquisition tool.
The only other big supermarket that has bucked this trend is Asda, owned by the US giant ...
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