Migros loses out to Lidl

Swiss supermarket chain, Migros, has seen its profits fall due to the competition from Lidl, according to the group's head of directors, Herbert Bollinger.

Speaking to the press he said that the group's target for the second half of the year had been adjusted down as a result of arrival of the German-based discount chain. Migros, the market leader in Switzerland, had hoped to realise a growth in turnover of two per cent in the second half of the year. However, Bollinger said that because customers were switching to Lidl his expectations were now a growth of one per cent. To help achieve this Bollinger said that Migros would be implementing sharper promotions.