This Week on Velocity Live: Major Moves in Private Brands!

Date: Wednesday, October 2, 2024

In this week’s episode of Velocity Live, Christopher Durham, President of the Velocity Institute, dives into exciting developments in the private brand world. Some of the biggest names in retail are making major shifts in their private label strategies, and we’re here to break it all down. From price cuts to sustainability goals, it’s an action-packed episode you don’t want to miss!

Whole Foods CEO Cuts Prices to Stay Competitive

Whole Foods CEO Jason Buechel is making waves by slashing prices on the company’s private label products, particularly its 365 brand, as part of a push to shed its “whole paycheck” image. This move comes in response to increased competition from retailers like Target, who are also dropping prices to appeal to inflation-weary consumers. Despite the reductions, Buechel reassures customers that Whole Foods remains committed to quality, sustainability, and ethical sourcing, making this an important balancing act for the premium grocer.

Key highlights:

• Price cuts on 25% of Whole Foods’ 365 products.
• Doubling the number of promotions.
• New store openings planned in New York to meet growing customer demand.

Best Choice Expands Its Vitamin Assortment

Associated Wholesale Grocers, Inc. (AWG) is expanding its Best Choice vitamin lineup with new gummy supplements, capturing the growing trend of convenient and enjoyable health products. These additions aim to help AWG’s member retailers offer a competitive edge in the booming vitamin sector, which continues to thrive as consumers prioritize wellness.

Key highlights:

• Over 80 SKUs, including 14 new gummy vitamin varieties.
• A focus on market trends and maintaining strict quality standards.

Costco’s Kirkland Signature Keeps Growing

Costco continues to expand its beloved Kirkland Signature brand, with new product introductions and price cuts that are driving both sales and customer loyalty. Recent price drops on products like chicken tenders and macadamia nuts are boosting volume, while new offerings such as organic maple syrup and aerosol whipped cream are adding value for Costco members. The retailer is also making strides in sustainability by reducing plastic in its Kirkland Signature packaging, saving both money and the environment.

Key highlights:

• Price cuts leading to increased sales, such as a 13% reduction on boneless chicken tenders.
• New Kirkland Signature products hitting the shelves.
• Eco-friendly packaging changes, like laundry pouches that use 80% less plastic.

Walmart’s Sustainability Initiatives Are Shaping Its Private Brand Strategy

Walmart’s Chief Sustainability Officer, Kathleen McLaughlin, outlined the retailer’s ambitious goals at the Goldman Sachs Global Sustainability Forum. Through initiatives like Project Gigaton, Walmart is reducing its environmental impact while pushing for greener private brand products. With a target to achieve zero emissions by 2040, Walmart’s private labels are playing a critical role in the company’s commitment to sustainability. From regenerative farming to cutting plastic use, Walmart is setting the standard for sustainable private brands.

Key highlights:

• 750 million metric tons of emissions reduced so far through Project Gigaton.
• Sustainable packaging and renewable energy solutions for private label suppliers.
• Private brand focus on energy efficiency and product design improvements.

Stay Tuned for More on Velocity Live!

Catch all these exciting developments and more by tuning into Velocity Live every Wednesday at 1:00 PM EST. We’ll keep you updated on the latest trends, breaking news, and upcoming events in the private brand industry.

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Sustainability Summit: Walmart, Sprouts, and More to Lead the Charge

The 5th Annual Velocity Institute Sustainability Summit is set to take place in Phoenix, Arizona, and this year’s lineup is shaping up to be one of the most impactful yet. Retail giants like Walmart, Sprouts, Thrive Market, Whole Foods, and Meijer will take the stage to share their private brand sustainability stories. These industry leaders will highlight their efforts in reducing waste, sourcing responsibly, and innovating with sustainable practices in mind.

As sustainability becomes an increasing priority for consumers and retailers alike, the Summit provides an invaluable opportunity for attendees to learn how private brands spearhead eco-friendly initiatives. From packaging innovations to sustainable product development, this year’s Summit will offer actionable insights into the future of retail.

REGISTER NOW!