Switzerland’s largest supermarket operator, Migros, has announced a new scheme to ensure they can beat their competition on price. The plan involves paying consumers to call a hotline when they notice a price of a competitor being lower than that available at Migros stores. The consumer is given a voucher of CHF10 (A$10.12) if the product is found to cost less at the rival store. The deal applies to 302 products and, if the price of a similar product is cheaper, Migros will lower... ...Read more »
Consumers are becoming increasingly disloyal as they look for ways to decrease their shopping bill in the wake of rising fuel, food and finance costs. In all, 22.1 per cent of British consumers were willing to shift from retailer to retailer due to their dissatisfaction with their current store. This data represented greater disloyalty than ever before, according to Verdict Research. Supermarket shoppers were found to be the least loyal, with 32.4 per cent indicating they would be more... ...Read more »
A new consumer group, Action Village, is planning to use the power of a large group to coerce retailers to drop their prices. Action Village is seeking to gain one million members before they plan to go to the negotiating table with supermarkets, petrol chains and other retailers with regard to possible discount offers.”We’re aiming to build an army of consumers and empower them to take action against the obscenely rising prices that we’re encountering at the moment, particularly... ...Read more »
CSIRO research, underway in Central Queensland’s cattle country, is investigating whether the integration of trees, pasture and livestock into a single agricultural system will produce greater net returns for producers and the environment. The ’silvopastoralism’ system is gaining worldwide attention as a potentially profitable land-use practice, particularly following the emergence of new market opportunities such as carbon trading. CSIRO Livestock Industries’ (CLI) project... ...Read more »
World Bank Group President, Robert Zoellick, has called on leaders of the G8 as well as the major oil producers to act now to deal with surging food and energy prices, warning that the world is now “entering a danger zone”. Mr Zoellick outlined his fears in a letter to the head of the imminent G8 summit in Japan, in which the World Bank, World Food Program (WFP) and International Monetary Fund estimate that about $10 billion is needed to meet short term needs of people hit hardest by... ...Read more »
The high cost of fuel is wreaking havoc with some food and beverage industries worldwide, with demands for government aid increasing by the day. Winemakers in the south of France have vandalized supermarkets and burned two police cars in the southern city of Montpellier. The protest by vintners last week was in response to skyrocketing fuel costs and falling prices for regional wines. The thousands of protesters were seeking to draw the government’s attention to the plight of winemakers in... ...Read more »
The agricultural sector in China’s Sichuan province has suffered enormous damage estimated at around $6 billion caused by last month’s devastating earthquake, the FAO (UN Food and Agriculture Organisation) said overnight.According to an FAO assessment mission that recently visited Sichuan province, over 30 million people in rural communities have been severely hit, losing most of their assets. Thousands of hectares of farmland were destroyed, millions of farm animals died, houses and... ...Read more »
Hedging has long been a tool used by companies to counter the impact of potential changes in market conditions, but rarely have restaurants engaged in the practice. With skyrocketing food costs and fears that price hikes may continue it now appears, however, that restaurants and other foodservice organisations are embracing the concept, particularly overseas. In the past restaurateurs have discounted the thought of hedging due to the complications of the process, a lack of market size and the rationalisation... ...Read more »
Major legislation changes are likely to be recommended when the ACCC release their report into the competitiveness of the grocery industry, based on comments made by ACCC Chairman Graeme Samuel yesterday. Speaking at a lunch hosted by the Australian Institute of Company Directors, Mr Samuel indicated that he thought certain companies may have provided them with information that they would have preferred to keep secret.”The public hearings enabled us to put some people under the pump to find... ...Read more »
The mounting cost of food has led to members of the food industry seeking new approaches to deal with the issue. For some it has been hedging on financial markets, many are looking to tighten their budgets and reduce other expenses, while others are simply stockpiling to level out the price of food. Buying in bulk is becoming more prevalent as foodservice managers are trying to avoid a crisis and franchises, in particular, have benefitted from the practice. Providers of food tend to guarantee... ...Read more »