Swiss retailer Migros plans to invest CHF 2.5 billion (€2.7 billion) in price reduction initiatives, store launches and renovations, and own-brand products.
Migros will reduce the prices of more than 1,000 popular everyday products across the country, starting with fruit and vegetables.
The company has earmarked CHF 500 million (€532.8 million) in various price reduction initiatives over the next five years.
Mario Irminger, president of the MGB General Management, commented, "Firstly, thanks to the separation of loss-making businesses, we have resources available to benefit supermarket customers.
"Secondly, we are consciously accepting a smaller group profit; as a cooperative, Migros does not strive to maximise profits. And thirdly, we are taking advantage of the efficiency and cost benefits from closer cooperation across the entire Migros Group."
The retailer aims to focus on private labels and give them a more prominent place in the stores.
"We will increase the proportion of own products in the Migros stores and invest specifically in their prices and quality," added Guido Rast, chair of the board of directors of Migros Supermarkt AG.
Renovation, Store Launch
Migros will invest CHF 2 billion (€2.13 billion) in new and more modern stores over the next five years.
The retailer is investing in approximately 140 new stores, comprising mostly small stores in areas where the population is growing rapidly.
By 2030, the Migros network, including VOI and Migros partner branches, will grow from under 790 to around 930, the retailer added.
The company will also invest in modernising close to 350 existing supermarkets to offer a better shopping experience for customers.
Migros will celebrate its 100th anniversary next year.
