secretstalks
Lord Stuart Rose, chair of Asda, has expressed his embarrassment over the supermarket chain’s recent decline in market share, calling for co-owner Mohsin Issa to step back from the daily operations of the retailer. In an interview with The Telegraph, Rose candidly admitted his dissatisfaction with Asda’s performance, saying, “I’m going to be completely honest with you. Having been in this industry for a long time, I feel somewhat embarrassed. I won’t deny it.”
Rose’s comments come on the back of a report showing a 2.2% decline in Asda’s quarterly sales and a 5.3% drop in like-for-like sales. The retailer’s market share has slipped from 13.6% to 12.7%, losing ground to rivals such as Tesco, Sainsbury’s, Morrisons, and discount chains, according to Kantar data.
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