Swedish retailer ICA plans to invest approximately SEK 1 billion (€88 million) in reducing the prices of products this year.
The price reduction will vary across stores, but all ICA outlets will implement the initiative, the retailer added.
The investment will help stores that have already reduced the prices on many products to retain low prices in the future.
Eric Lundberg, CEO of ICA Sweden, said, “Twenty twenty-three [2023] was a challenging year for both ICA and consumers. We know that our customers are having a tough time financially, and this makes them look extra carefully at the price tag when shopping.
“Together with the ICA retailers, we are now taking a big step to better meet customers’ needs and improve our pricing scenario in the long term.”
Price Reduction Initiative
ICA described the investment as a ‘long-awaited joint effort’ for ICA retailers who have witnessed lower sales and customers buying fewer products and more items on special offer.
Peter Jonsson, an ICA retailer in Skellefteå and chairperson of ICA’s Sweden Council, which represents the country’s ICA retailers, stated, “This is a major move we are making, and together – ICA Sweden and the retailers – we have decided to win market share through lower prices for our customers from all our stores.
“There will continue to be different prices in our stores since we are all independent retailers working in cooperation, but the customer will notice that you can buy everyday products at lower prices wherever you are in Sweden.”
Elsewhere, Norwegian retailer REMA 1000 has locked the prices of over 1,000 products until Easter, as it seeks to ease the pressure on shoppers after an expensive Christmas.
