Mark Price, the Managing Director of Waitrose, has warned that the ongoing price war between the supermarket multiples and discounters is damaging consumer choice and could even result in a company failure unless the major chains change their strategies.

Speaking to the Mail on Sunday, Price said continued price cuts were not the answer to the sectors current woes, pointing out the people don’t eat more food because you drop your prices. “If everybody keeps dropping their prices, it’s a zero sum game,” he said.

Price added that the leading chains needed to find better ways to attract customers, otherwise one or two will find themselves in “real difficulty”. Highlighting his own chains success of marrying value with quality products, Price told the Mail on Sunday said: “Eventually you’ve got to find something else, realising the only way to win long-term is to get customers trading up again or giving people another reason to come to your stores.”