It seems as though "Treasure Island/Ireland" is not quite as lucrative as it once was for Tesco.
Tesco blames property tax for fall in Irish sales · Business ETC
They are blaming the property tax for a “significant reduction in consumer sentiment and spending” in this country. Well Tesco, perhaps you could reverse this process by lowering your prices somewhat. It is well within your power.
There are contributors here who state that for supermarket prices to fall there must be a reduction in the spending power, i.e. the wages, of their customer base. Well, for a large number of people, incomes have been on the decline since 2008, yet apart from a period of deflation in 2010, supermarket prices have gone on rising. The effects of (alleged) cartelisation in the supermarket sector may outweigh the effects of falling incomes. After all, people still have to eat regardless of their income.
So, is there a significant portion of the population who "haven't taken a hit" who are keeping supermarket revenues buoyant and prices on the rise? Or is there an effective cartel among the major supermarkets keeping prices artificially high in this country? I refer in particular to the annoying gimmick of "price matching" with their competitors in Ireland, rather than trying to undercut their competitors prices.
Or are Tesco underplaying the effect of the horse DNA scandal?