X5 Retail Group will cut prices by an average of 20% on many goods in its Perekrestok chain to stem a drop in shoppers, the Russian press reported. The company said it will drop prices on 3,500 goods by 20% on average. The cuts will cover approximately a quarter of its SKUs and will include meat, dairy, fresh vegetables, fish and seafood, frozen food, baby food and alcohol.
X5 Group CEO, Lev Khasis, said that the company will not raise prices on other items and that the price cuts were not a short-term plan, adding that they were made possible by "improving efficiency, which is reducing operating costs and enabling us to reinvest profit in prices."
