X5 reacts to Putin store visit with price reduction

Russia-based X5 Retail Group has announced price cuts in its Perekrestok supermarkets by 30-80% for more than 3,000 items. The decision was taken after Prime Minister Vladimir Putin visited a Perekrestok supermarket in Moscow and was shocked that most meats, notably chilled pork, were sold with a 100-120% mark up. His visit to an X5 store is not considered as an attack on the retailer, but as a populist gesture for Russians, who are concerned by rising food prices.

www.planetretail.net