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Dow Jones reports that Andy Bond, CEO of Walmart-owned Asda Group in the UK, is suggesting that “gimmicky promotions” won’t help retailers grow their businesses during a recession…and seems to be pointing the criticism at Tesco, which announced this week that it was cutting prices on about a thousand items by 50 percent in advance of the end-of-year holidays.

Bond said that such promotions end up being “vastly costly” and tend to cause long-term problems for the retailers that adopt them.

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