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Mercadona moves token before the escalation of prices in the shopping cart, which accumulates nearly a year of continuous rises. The supermarket company, the country’s leading operator, announced on Wednesday a price drop for 500 of its products, a measure that will generate savings of 150 euros per year per customer, according to its calculations.
The company chaired by Juan Roig claims to be “failed in its commitment to lower sales prices to the public when cost prices drop.” Mercadona has verified that these decreases are taking place, albeit “slowly”, and has decided to anticipate by lowering prices to half a thousand items of daily consumption. These will be identified in stores and range from preserves such as tuna, to cheeses, yogurts, nuts, oils, pet food, pastries, wineries, perfumes, household cleaning, among others. He also anticipates that “he will take advantage of market opportunities to lower the price for fresh produce.”
The investment in this price reduction is estimated by the company at 200 million euros, with an impact on margins of 0.6 points. Mercadona calculates that, since 2020, its margins have contracted by 1.1 points through price containment measures.
The company, which holds a market share of around 25% in Spain, has been in the eye of the political hurricane in recent months. Its president, Juan Roig, was described as a “ruthless capitalist” by the Minister for Social Rights and the 2030 Agenda, Ione Belarra, together with the general secretary of Podemos, a party that has been insisting on the need to cap the prices of food .
Juan Roig acknowledged in the last presentation of Mercadona’s results that the company had raised prices “a nonsense”. In concrete terms, I estimate it at an average of 10%, compared to a cost increase of 14%.
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