Get the latest market trends in your inbox
Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
Inside a Tesco supermarket in the U.K. Photo: Chris Ratcliffe / Bloomberg via Getty Images
The implosion of Big Retail has hit the U.K.'s two biggest grocers, Tesco and Sainsbury, which are slashing thousands of jobs to combat competition and rising wages, Bloomberg reports. Tesco is cutting 1,700 management positions, but adding another 900 "roles with broader responsibilities." Sainsbury is also cutting jobs in management across 1,400 stores.
The big picture: They're facing "cost pressure stemming from a rise in the minimum wage and the pound’s decline following the Brexit vote," per Bloomberg. Competition with discount grocers such as Aldi and online retailers such as Amazon is also keeping Tesco and Sainsbury from hiking up their prices.