UK's super market giant, ASDA has sad that it is planning to invest around £1 billion in lowering prices of some of its products during the coming five years.

The supermarket chain also said that it is planning to expand its presence in the market. The remarks were made as the company recorded a slowdown in third quarter sales. ASDA, which is owned by the Walmart-owned group, is competing with rival Sainsbury's to be the UK's second largest supermarket.

The company indicated that investment in lower prices will allow the company to differentiate itself from the other large players and also match prices of discounters Aldi and Lidl. As part of the new plan, the company will invest £250m on "quality, style and design" over the five years and for expanding its presence in south east to increase access from 53 to 70 per cent by 2018. The company will open 1,000 Click and Collect locations and developing more stores and is also aiming to cross online sales £3 billion by 2018.

Andy Clarke, the chief executive of Asda, said, "We've continued to invest in lowering prices which has held them down for our customers while driving volume growth. This means we enter the crucial fourth quarter in a solid position."