The supermarkets will not escape shoppers' new price-sensitivity. Firms such as Tesco of Britain and Auchan of France have for some years been responding to the threat of deep-discounters with their own in-house discount brands. This has sometimes been painful, cannibalising existing sales and lowering revenues and profit margins. Austerity will slow, and perhaps even reverse, these giants' growth. However, shops selling expensive groceries to the well heeled will be far worse affected. Some, such as Britain's Waitrose, are introducing cheaper food lines.
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