Wal-Mart Asda CEO says deep discounts will hurt UK retailers

CEO of UK grocery chain Asda Andy Bond has warned that 20-25% off sales are not a good way for retailers to grow business during an economic downturn and could haunt them later. Commenting soon after rival Tesco announced a half price sale from Friday up until Christmas he said that deeply discounted promotions are vastly costly for retailers and that they will be a problem for retailers later. www.planetretail.net