Wegmans Freezes Prices on Many Food Items

Supermarket chain freezes prices for one year on 40 food staples.

February 24, 2011

ROCHESTER, NY - Citing concern for families who are being squeezed by food price increases, Wegmans Food Markets announced earlier this week a price freeze on more than three-dozen staple products, the Democrat and Chronicle reports.

The supermarket chain announced that it would freeze prices on 40 products, including fruit, vegetables, ground beef, pasta and coffee, most of which carry the Wegmans brand.

"News that food prices will rise is worrisome for our employees and our customers, especially when folks are also dealing with higher gas prices," said CEO Danny Wegman. "We hope that it will help knowing that prices will stay the same for the essentials."

Wegman said freezing the prices on staples was designed to instill confidence in consumers as to their grocery costs, especially as other expenses mount.

"We really don??t know what??s going to happen with commodity and fuel costs," he said. "We are as aggressive as we thought we could be given the uncertainty."

The company selected the items based on their importance to a family??s food budget.

"They are products that families can??t do without, so what they pay for these items really matters," said company president Colleen Wegman.

Wegmans?? promise is unusual for the specificity of the items included and the yearlong time commitment. The company estimated the price freeze could cost up to $10 million this year in lost revenue.

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