Dive Brief:
- Giant Eagle on Thursday implemented summer price cuts on more than 300 of its most frequently purchased products across multiple departments.
- The reductions, which average 10%, will last through Labor Day. Customers will find lower prices for a variety of products, including protein items, snacks and produce.
- Giant Eagle said the seasonal initiative is part of the campaign it launched last year to improve its image as a good value with shoppers.
Dive Insight:
Like many other retailers, Giant Eagle highlighted beef as one of the items it is looking to make more affordable for consumers. In a list of key price cuts, Giant Eagle said it reduced the price of certified Angus beef by over 10%, to $5.99.
Earlier this week, Walmart and Sam’s Club announced price cuts on summer essentials, including Walmart reducing the price of its 73% ground beef roll by nearly 12%, to $5.94.
Beef prices, in particular, have come to symbolize food affordability — prices for beef and veal were up about 13% in May — and have even come under political scrutiny.
Giant Eagle’s summer initiative builds on a string of recent efforts to boost its value perception among consumers. The grocer noted that nearly 2 million households engaged in its fall pricing campaign, which ran from September through December. The grocer cut prices on more than 300 items during that campaign.
“We know our customers are seeking value in the face of elevated expenses,” Justin Weinstein, the grocer’s executive vice president and chief merchandising and marketing officer, said in a statement. “We took learnings from our seasonal pricing efforts last fall and used those insights to deliver a strong savings program that can help customers save all summer long.”
The seasonal campaign comes about a week after Kroger announced plans to acquire Giant Eagle in a $1.65 billion deal.
