As grocery prices soar—inflation hit a two-year high in August—Giant Eagle is betting on slashed prices for essentials as a strategy to keep shoppers coming back. The regional, family-owned grocery chain, which operates 200+ stores spanning Pennsylvania, Ohio, West Virginia, Maryland, and Indiana, late last month introduced its new “Because It Matters” strategy, encompassing improvements from price cuts to fresher produce and new shopping carts. It’s been a “big year” for the nearly 100-year-old retailer, Justin Weinstein, EVP and chief merchandising and marketing officer at Giant Eagle, told Retail Brew. The chain, headquartered outside of Pittsburgh, sold its GetGo convenience store arm to Circle K-owner Alimentation Couche-Tard for $1.6 billion and took over filling prescriptions for closed Rite Aid locations in Pennsylvania and Ohio with its in-store pharmacies. “Those two things really laid the groundwork for, ‘How do we create a plan for the investment back into our business?’” he said. With its three-pronged strategy, the grocer is investing $100 million to provide value for price-conscious consumers, improving product quality and service, and upgrading its in-store shopping experience. The efforts, it hopes, will combat waning loyalty as it vies with larger players for a share of increasingly fickle consumers’ wallets. Keep reading here.—EC |