Seven & i Holdings plans to open a chain of discount stores called The Price, with the first store opening scheduled in Tokyo next week.
The Price will offer products at prices 25-30% lower than its Ito-Yokado supermarkets, the company said.
A 7 & i spokeswoman told just-food: “The Price will go a different way than York Benimaru or any store under Seven & i. The main strategy carried out by The Price is to use small profit for best return. Frankly speaking, Seven & i plans to make The Price a gathering centre for instance for some of the poor-performing Ito-Yokado goods or less than perfect looking vegetables or fruits.”
A 3,000 square meter Ito-Yokado supermarket in Tokyo’s Nishi-Arai area will be converted into the first of The Price store. It will sell food, clothing, small home appliances and sundries.
According to the spokesperson, food will make up 80% of merchandise in The Price.
The Price will develop links with local manufacturers instead of using wholesalers to maintain stock levels, the spokesperson told just-food. The Price will not offer as wide a variety of products, she added.
Currently, the company has no plans to roll the concept out nationwide.
“So far there are no further details regarding a second store. We will decide after gauging customers reactions after the 29th August — opening day,” the company commented.