El Corte Inglés lowers prices to counter inflation and supply disruption. Photo Credit: El Corte Inglés
Spanish department store chain El Corte Inglés has lowered the prices of some 1,300 essential food items and other products, aiming to compete with other supermarkets and ease the strain of an increasing cost of living and supply bottlenecks caused by the US-Israel-Iran conflict. This initiative follows another campaign by the chain, which maintained fixed prices on 300 basic food products for 90 days; however, according to El Corte Inglés, these new reductions are permanent, not a one-time deal.
‘Regularly consumed’ products will be permanently discounted
This price reduction affects everyday consumer products and will have a direct impact on the price of the average person’s grocery basket. In a press release, El Corte Inglés stated that all of the affected products are those that have a “high turnover” and that are “regularly consumed.”
According to the company, these are among the items being reduced in price:
- Deli meats
- Beverages
- Household cleaning products
- Personal hygiene items
- Perfumes
- Oils
- Milk
- Sausages
- Canned fish
- Vegetables and legumes
- Prepared salads
- Baby food
- Chocolates
- Coffee
- Soft drinks
- Wines
- Pet food
This measure is part of an ongoing effort by the department store chain, which is reviewed weekly, to maintain a constant balance with the most competitive prices on the market in each area where they are located.
A supermarket discount war sparked by the Strait of Hormuz conflict
It is notable that these deals and discounts, sparked by the supply bottleneck of the Strait of Hormuz caused by the US-Israel-Iran conflict, have sparked a price war in supermarkets. With rising transport costs and some scarcity caused by the bottleneck, one reliable way to retain customers and gain traction in the market is to offer competitive promotions and discounts. Some of the items and products that have been affected by the supply bottleneck include jet fuel, fruits, bottled water, and even condoms.
This also guarantees shoppers a certain standard of quality, reliability, and stability during a period of spiking costs and uncertainty.
