24 C
New York
May 26, 2024
NewsAltitude
Top News TOP STORIES

Walmart launches store-label food brand as it seeks to appeal to younger shoppers

Walmart launches store-label food brand as it seeks to appeal to younger shoppers

Walmart is launching its biggest store-label food brand in 20 years in terms of its breadth of items

ByANNE D’INNOCENZIO AP retail writer

NEW YORK — Walmart said Tuesday it is launching its biggest store-label food brand in 20 years in terms of its breadth of items, as it seeks to appeal to younger customers who are not brand loyal and want chef-inspired foods that are more affordably priced.

The brand, called Bettergoods, is just hitting Walmart stores and online. By this fall, there will be 300 products, spanning frozen, dairy, snacks, beverages, pasta, soups, coffee, chocolate among others, the retailer said. The prices range from under $2 to under $15, with most products available for under $5.

The launch from the country’s largest retailer comes as inflation has driven shoppers to seek less-expensive alternatives, lifting the popularity of private-label brands. Private brands in food and beverage accounted for nearly 26% of the overall market share in the number of units in that category sold last year, up from 24.7% during the previous year, according to market research firm Circana. That compares with 74.5% for national brands last year, down from 75.3% in 2022.

Walmart’s rivals, including Target, have also been expanding their store labels in food.

”As an industry, we’re seeing younger customers be more brand agnostic, prioritizing quality and value, and driving increased interest in private brands,” said Scott Morris, Walmart’s senior vice president of private brands, food and consumables.

Read More