Grocer Wegmans Food Markets Inc. is telling employees it isn't going to wait for suppliers to pass along lower food prices before passing those on to customers - a savings Wegmans estimates will reach $12 million.
The Rochester-based supermarket chain said it is lowering prices on hundreds of products right now and absorbing the loss.
"These are uncertain times. We know our employees and customers are very concerned and so are we," Wegmans executives Danny Wegman and Colleen Wegman told employees in a joint statement Thursday. "During difficult times like these, it's OK with us if we make a little less money."
My wife shops exclusively at Wegmans and has done so for years. It is probably the cleanest, most well stocked, friendliest grocery store in the Country. It is also noted as one of the best corporations to work for. My daughter, who is in the Army, worked for them in their flower shop while she was in high school. The morning paper had a color photo of a Wegman's employee on the top of the local section. It was a photo of my wife's cousin, Chris, who is a produce manager.
Way to go Danny Wegman."Though the lower costs we expect in 2009 haven't arrived yet, we think it's necessary to lower prices now," said Natale. "As a family-owned business, we can accept leaner profits in order to put employee and customer needs first."
[...]The company said the price reductions aren't temporary price promotions but will be in effect "for an extended period of time."
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