easyJet founder Sir Stelios Haji-Ioannou is launching a low-cost food retail business to undercut low prices offered by budget supermarkets Aldi and Lidl.
The entrepreneur announced plans for a pilot site in Croydon as his easyGroup company aims to cash in on the very cheapest end of the grocery market with a venture that could, if successful, be rolled out on a wider scale next year.
Sir Stelios said he became aware of an opportunity amid publicity about the widespread use of food banks. He said: “I have a feeling that there is a gap in the food retail market – a niche below some of the current budget operators such as Aldi and Lidl.
“Concentrating on affordable, basic ‘no-brand-name’ packet and tinned foods at bargain prices, easyFoodstore underlines the need for additional reliable day-to-day provision of basic foodstuffs.”