Price Wars: Southern California Supermarkets Slash Prices
In an effort to regain customers who are shopping at discount stores and watching their ever-tightening budgets, supermarket chains are lowering prices, sometimes dramatically. Today Vons dropped the prices on 15% of its products in the chain's 274 stores. Ralph's also announced that it's reducing prices; Stater Bros. lowered it's prices in July, and prices at Albertson's and Fresh & Easy are also noticeably lower. According to this morning's story in the Los Angeles Times, the price wars are in response to the poor economy and competition between grocery chains; more shoppers have also been taking their business to discount stores like Wal-Mart and Target, and the supermarkets hope that lowered prices will draw them back. The OC Register puts the discounts at Vons and Pavilions stores (both are owned by Safeway) even higher, at close to 30%. "It's not promotional pricing. We're in it for the long run," Vons President Tom Keller told the Register.
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