Food Lion recommits to lower pricing strategy

Grocery retailer Food Lion announced a significant investment to lower prices on thousands of items for consumers.

Affordable prices are part of the heritage of Food Lion and the company wants to honor that tradition, according to Meg Ham, the retailer's president. "Today's announcement is not only about making grocery shopping more affordable for our customers, but also about making it easier, as we have redesigned our in-store signage so customers can easily identify savings throughout the store."

Lowering prices on everyday items is just one way in which many supermarket chains are competing in today's fierce grocery wars.

The price reductions are based on the store's research of frequently purchased items. Customers will be able to spot these reductions through three types of signage. Ones that say "hot sale," which signifies the best prices throughout the store, only available to customers with an MVP card. A "wow" sign will indicated lower prices on thousands of items for longer periods of time. Lastly, a "low price" sign will be on items throughout the store every day.

The investment in price reductions is part of Food Lion's strategy, which also includes an expanded assortment of products and a renewed focus on customer service brought about by new training for 63,000 associates. As part of this "Easy, Fresh and Affordable" strategy, the company also remodeled 76 stores in 2014 and will complete an additional 160 remodels by the end of 2015.

In a recent Bond Brand Loyalty survey, Food Lion's MVP Card loyalty program received a 50 percent approval rate from shoppers.

For more:
-See this Food Lion press release

Related stories:
Delhaize rumored to bid on Market Basket
Amazon, Kroger offer most satisfying loyalty programs
Food Lion's Owner, Delhaize, gets new CEO and tightens U.S control
Bi-Lo buys Sweetbay and Harveys chains from Delhaize
Supermarkets gain market share
 


 

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