February 26th, 2024

Costco executive says company always looking to lower prices, mitigate increases

By The Canadian Press on February 13, 2024.

Pierre Riel, executive vice-president and chief operating officer of Costco Wholesale International and Canada, waits to appear as a witness at the Standing Committee on Agriculture and Agri-Food (AGRI) in Ottawa on Tuesday, Feb. 13, 2024. THE CANADIAN PRESS/ Patrick Doyle

OTTAWA – Costco executive Pierre Riel says the grocery retailer has decreased the prices of hundreds of items since the start of 2023.

The chief operating officer of Costco Wholesale Corp.’s international and Canadian division made the comments to a House of Commons committee studying food prices.

Riel says that amid pressure on grocers to stabilize food prices, Costco has continued to invest in its private-label brand, Canadian suppliers and its employees.

Like the other grocers, Riel says suppliers continue to come with requests to increase prices.

However, he says Costco doesn’t participate in the industry practice of freezing price requests for a couple of months over the holiday season.

Instead, Riel says the company always looks for ways to lower prices and does what it can to mitigate price increases.

This report by The Canadian Press was first published Feb. 13, 2024.

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