Original article by Jonathan Barrett
The Guardian Australia – Page: Online : 12-Apr-24

The Senate inquiry into supermarket prices has been told that grocery giants Coles and Woolworths engage in land-banking to prevent smaller rivals from opening a store near their supermarkets. Grant Ramage, the CEO of Metcash’s food division, said the duopoly is also prepared to pay inflated prices to buy out rivals in order to stifle competition, while they have been known to buy retail properties that are tenanted by independent supermarkets and subsequently not renew their lease. Aldi Australia’s CEO Anna McGrath has told the inquiry that rival supermarket chains often reduce their prices when the Germany-based company opens a new store near their existing outlets.

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METCASH LIMITED – ASX MTS, COLES GROUP LIMITED – ASX COL, WOOLWORTHS GROUP LIMITED – ASX WOW, ALDI STORES SUPERMARKETS PTY LTD