While grocers believe shifting consumer trends are strengthening their hands in pricing talks, it remains to be seen whether their efforts will yield lower prices for more shoppers.
. The much smaller regional grocer Hy-Vee said it and some of its peers are doing the same.
Grocery stores regularly negotiate with suppliers, such as multinational food and household-goods giants like Unilever and Procter & Gamble, to set pricing. The negotiations often involve grocers’ flagging their in-house alternatives to name-brand items to secure competitive price levels. Grocers are increasingly testing the extent of their bargaining power this year as consumers continue to gravitate toward grocers’ own “private label” goods. Private labels accounted for 21.9% of total food sales at the end of 2022, Bank of America Research said last week, up slightly from roughly 21.6% the year before .
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