Spanish retailer El Corte Ingles has announced price cuts on thousands of food products in a bid to stay competitive in the country’s ailing economy.
El Corte Ingles said it has chosen to lower prices on the 4,500 “most popular” products. Prices of fresh produce, seafood, deli and meat will be reviewed each week. The price of grocery items will be checked each fortnight.
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The cuts will be implemented in its Supercor supermarkets, Hipercor hypermarkets and the food halls of its department stores.
The retailer said its “strategic action” was a response to customer demand and said it would be funded through “the better use of synergies between the group’s different formats”.
Spain’s retailers are spending money to lower prices as consumer spending power comes under pressure.
Two weeks ago, co-operative retailer Eroski said investment in price was a reason for a 3.2% fall in annual sales. It said it spent EUR123m (US$154.6m) on the price of its products to ensure it offered consumers “the most competitive price”.
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By GlobalData
