Spanish department store chain El Corte Inglés has introduced major price cuts at its department store food halls, hypermarkets, supermarkets and convenience stores in its home market. El Corte Inglés says it will lower the prices of around 5,000 grocery items. The Spanish retailing giant will also reduce the prices of H&B product lines by around 20 per cent.
The price reduction are part of a change of direction, said the retailer, adding that it is looking to maintain a permanent lower pricing policy, without entering into a price war with its competitors.
Spanish retailers are using competitor price monitoring technology to monitor the online prices of the competition on a daily basis; this has created the need to update product pricing as competitors adjust their prices. Using this service, retailers can avoid losing out on sales and profit margins.
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