ROCHESTER, N.Y. — Wegmans Food Markets has lowered prices on hundreds of products — including its private labels — for an extended period of time to help cash-strapped consumers through the economic storm, the company said. The new prices cover the bakery, meat, produce, deli and grocery departments, and could save shoppers $40 to $60 a month.
“During difficult times like these, it’s OK with us if we make a little less money,” Wegmans said. “And, as always, we are committed to offering the lowest price in the market on the items most important to families. We hope these savings will help you enjoy your time with family even more this holiday season.”
While prices for gasoline, corn, wheat and other items are declining, food prices remain high because manufacturers and producers locked into contracts when costs were much higher for fear of even higher costs in the future, Wegmans said. The retailer said it has locked in contracts for flour used in bakery production and fuel for its fleet of trucks. On average, Wegmans uses 650,000 pounds of flour each month in its bakeshop, and 85,000 gallons of diesel fuel each week for trucking.
Jo Natale, director of media relations, didn't disclose the impact on Wegmans’ bottom line, but said that based on anticipated sales of these products, the total value of price cuts to consumers would amount to $12 million on an annualized basis.
Over the next week, Wegmans will begin to highlight the price cuts with signage in stores.
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