Some say when prices go up, they never come down again. However, in an unprecedented move, Malaysian hypermarkets have taken the first step towards helping consumers in these uncertain financial times by slashing their prices of 1,200 items up to 30%. This move comes at the start of a recession that is feared to be one of the worst since The Great Depression, tumbling commodity prices and as our stocks on the KLSE took yet another beating against the unstable world economic backdrop.
This price reduction campaign kicked off in Giant hypermarkets around the country and Carrefour and Tesco hypermarkets are said to follow suit in the next few months as the prices on more food items will be slashed. Read more below.
Applauding the willingness of hypermarkets to reduce prices, he also reminded consumers to shop wisely even when times improve. Meanwhile, GCH Retail (M) Sdn Bhd chief executive officer Datuk John Coyle said the 1,200 items – groceries, general merchandise and fresh food items – represent only the first phase.
“Many more items will also be reduced in the coming weeks,” said Coyle, who urged suppliers to join in the price reduction initiative and reduce costs so more savings can be passed on to customers. (source)
It is indeed a welcoming move especially for the lower-income group of consumers who might have had to tighten their wallets recently as inflation soared or even the middle-income group who might have lost half or more of their investments in the share markets. The price reduction on food items first is aimed at helping Malaysian households reduce their financial burden for daily necessities while further reductions on other items will follow suit in the coming months.
It is good news for all and if the oil prices continue to remain low, Malaysians can start looking forward to cheaper groceries and household items. Nevertheless, do remember to shop carefully with smart grocery shopping saving tips.