Prices Will Remain High in September, According to Thierry Cotillard, President of Les Mousquetaires Group
In a recent announcement, Thierry Cotillard, President of Les Mousquetaires Group, has stated that prices will continue to remain high in September. This news comes as a blow to the hopes of the French government, who were expecting a decrease in prices. Cotillard even suggests that the first price cuts might not happen until March of next year.
In light of this, Bruno Le Maire, Minister of the Economy, has organized a meeting with representatives of the retail industry at Bercy. The minister is pushing for price reductions, but industry professionals are calling for changes in legislation to allow for more frequent renegotiations. Cotillard is among those requesting the right to renegotiate prices with manufacturers, a practice that is currently not allowed in France after March 1st.
The CEO of Carrefour, Alexandre Bompard, has described the situation as a « tsunami of consumer disengagement » caused by the rising prices. French consumers are consuming less and cutting back on fresh products due to the price hikes. Distributors believe that it is the manufacturers who dictate the rules without any legal constraints to prevent excessive price increases.
There are even reports of some manufacturers engaging in the practice of « shrinkflation, » where the weight of products is reduced while prices are increased. Distributors are hoping for a constructive dialogue with manufacturers, but do not consider this method reasonable.
Furthermore, distributors are concerned about the upcoming implementation of the Descrozaille law in March, which regulates promotions on certain products. In the meantime, retailers are launching back-to-school promotions in an attempt to counter the wave of consumer disengagement.
Thierry Cotillard has also announced the « 100 days of purchasing power » campaign, offering discounts on a thousand distributor brand products. This initiative aims to provide some relief to consumers amidst the current price crisis.
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