Kroger, one of Georgia's major grocery chains, is planning to reduce its prices on thousands of items as it aims to reclaim shoppers in a shaky economy, according to media reports.
CEO Greg Foran confirmed the news to Bloomberg and Reuters on Thursday.
"The reality is, the basket has to come down," he told Reuters, "and not everyone’s basket is the same."
Kroger is the "largest US grocery company" and also operates City Market and Fred Meyer, Bloomberg reported.
In Georgia, Kroger has a multitude of locations in Atlanta, Cumming, Brookhaven, Johns Creek and several other cities.
Foran, who took over chief executive of Kroger in February, is seeking to overtake competitors Walmart, Costco, Trader Joe's, Amazon.com and Aldi, the media reports stated.
Price cuts will first roll out as tests before furthering in phases, the media reports stated. It is unknown when Foran will put the new strategy to work.
“I think about our business a bit like a Formula One race," he told Bloomberg. "There’s a lead group of cars that are doing a very good job. Our objective is to get out of the midfield and start lapping faster, make up the gap on the first-group cars and then ideally pass them.”
To fulfill the mission of slashing prices, Foran intends to directly import goods and utilize effective technology, Reuters reported. He will then reportedly move on to "reinvesting the savings into lower shelf prices."
Kroger also aims to improve its customer service and open new stores, Bloomberg reported.
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