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Price war has Jusco and MaxValu slashing prices

Date Posted: 2008-10-24

Spurred by falling oil prices, the world financial crisis and intense competition, Okinawa supermarkets are cutting prices to attract more customers.
Jusco group and MaxValu say the price war has begun, and its stores will vigorously compete by reducing prices on more than 500 items in all Jusco branches and Max Valu’s 27 stores on the island. Frozen and processed foods, as well as noodles, meat and daily necessities had sticker prices cut beginning last weekend.

“We had to cut prices because crude oil has gone down and the yen rate has gone so high,” says Takayuki Ueno, the Ryukyu Jusco Naha aBranch Manager. “We’re all right with the prices,” Ueno says, “and we want to support our customers, predicting competition will spread to other supermarkets and force their prices down too.”

Officials say prices have been trimmed about 20% thus far, and note the stores will continue shaving prices through February. Ryukyu Jusco Naha Branch and Mihama Branch both are proclaiming ‘Life support Special Prices’ in banners draped around the stores. The price-cutting knife was sharp, making the largest price cuts in Jusco history.

“I didn’t eat meat for a very long time,” one customer smiled this week, “but now I can eat meat because the price went down.” Always looking for more, she added ”I wish meat costs could go down a little bit more, and not just 20%.” Another happy customer said she “only came shopping when they had sales, but now I can come more often.”

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