U.S. senators from both parties expressed skepticism Tuesday that a proposed merger between grocery giants Kroger and Albertsons would result in lower prices for consumers.
Kroger CEO Rodney McMullen said the days of shoppers buying all their groceries at one store once a week are gone. Shoppers often get their groceries at five or six different locations, he said. Sen. Mike Lee, a Utah Republican, noted the subcommittee would have little say in whether the merger will go through. That will be a decision for the Federal Trade Commission and the Justice Department. But he said the hearing was an important opportunity for the public to understand a merger that could impact their lives.
But McMullen said Kroger has lowered prices after other mergers, like its 2013 acquisition of Harris Teeter.McMullen reiterated Kroger’s plan to spend $500 million reducing prices, $1.3 billion updating Albertsons stores and $1 billion on higher employee wages and improved benefits if the merger goes through.
“The intent is not to close stores. The intent is to divest stores,” Albertsons President and CEO Vivek Sankaran said. Sankaran said the FTC approved the buyer in that merger. This time, he said, Albertsons __ pending the FTC's approval __ may spin off stores into a separate company that would be led by experienced leaders.
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I’m sure the companies wouldn’t lie or mislead anyone about that.
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