Two grocery giants announced Friday morning they will become one. Kroger – which owns the Mariano's chain – and Albertson's – which owns Jewel – have agreed to a merger.
"We are bringing together two purpose-driven organizations to deliver superior value to customers, associates, communities and shareholders," said Kroger chairman and CEO Rodney McMullen, who will continue as chair and CEO of the combined company. Still, that is a distant second to Walmart's 22% share. Amazon, which bought Whole Foods in 2017, is also a growing player in the space, with 3% share. Warehouse store Costco controls 6%.
Kroger said would reinvest approximately $500 million into price reductions, and spend $1.3 billion updating Albertsons stores and $1 billion on higher employee wages and improved benefits. It was no secret that Albertsons was thinking about selling the company. The chain announced in February that its board was reviewing options to enhance shareholder value, including developing new businesses or a sale.
How could this possibly be good for customers
Say hello to more food deserts
It was inevitable.
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