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Kroger is preparing to cut prices across thousands of products as new CEO Greg Foran works to reclaim ground lost to rivals including Walmart $WMT -0.88%, Costco $COST -2.11%, and Aldi, according to Reuters.
Speaking to Bloomberg in his first interview since taking the job in February, Foran described a staged approach: test the price cuts first, then expand them incrementally. "The reality is, the basket has to come down. And not everyone's basket is the same," he said. "It needs to be across thousands of products, and it has to be something that passes the commonsense piece with customers."
Funding the initiative will rely on operational efficiencies — among them, bypassing intermediaries to import goods directly and leaning harder on technology, with the resulting savings passed along to shoppers through cheaper prices. He declined to quantify the total investment.
Beyond pricing, Foran outlined an ambition to lift the quality of the shopping experience and open more stores. Next year's target of 70 to 80 new locations would represent twice the pace of openings in 2026.
