New Grocery Store Promises Cheaper Prices Than Competitors

The grocery store Prís opened on August 17 in Kópavogur, reports RÚV. The store’s CEO promises lower prices than competitors across all product categories.

“We have put an enormous amount of work into this in recent weeks and months to make this a reality. And today we finally opened the doors for everyone,” said Gréta María Grétarsdóttir, CEO, at the store’s opening.

5-10% cheaper than Bónus and Krónan

To offer lower prices, Prís operates exclusively with self-checkout. Gréta María mentions that the store sells some products at a loss to ensure the lowest prices.

According to ASÍ’s first price survey of over 200 products, Prís is consistently cheaper than Bónus and Krónan, often by five to ten percent.

“We are extremely grateful for the response we have received today. Of course, others are reacting in the market as we expected. And that was just our goal – to improve household finances by lowering food prices, and we sincerely hope that this will result in lower inflation so that this benefits everyone in the country,” says Gréta.

Competitors respond

Benjamín Julian Dagsson, project manager of ASÍ’s price monitoring, said that following the opening of Prís, in prices in Bónus started to drop. “There are products that differed by maybe one or two krónur, so it’s not the big gaps that are narrowing,” he says. The cheeses are mainly the ones dropping in price. The biggest price difference is on Myllu heimilisbrauð (a type of bread). It costs 299 krónur in Prís but 569 krónur in Bónus.

Benjamín says there’s a full reason to continue the price monitoring. “We will be regular guests here,” he says.