Shoppers scrimp as food prices rise in US
Updated: 2008-04-04 18:39
But the store was bustling with activity at the same time the next day, as shoppers pushed overflowing carts loaded with cereal, soda, juice, frozen food and bread.
"There's no question that people are shopping when they have money in their pocket," said Tracy Ferschweiler, the manager of the Secaucus store.
Leslie Dach, executive vice president of corporate affairs and government relations at Wal-Mart, said the cycle of shoppers running out of money in between paychecks and then flocking to its stores on payday is "more pronounced, more visible."
Its stock is up 15 percent this year, while Target, a more upmarket discounter, is up 7 percent, and the Dow Jones industrial average is down 5 percent. Wal-Mart's February sales at US stores open at least a year rose 2.6 percent, helped by strength in its grocery business, while Target reported a 0.5 percent gain in its February sales.
Annette Reilly was at the Wal-Mart in Secaucus on April 1 to buy cereal for her 2-year-old grandson, who was sitting in her shopping cart. She said she is now buying cereal at the discount retailer because it charges $1 less per box than her local Stop & Shop.
"Why not?" she said of making the trip to Wal-Mart. "I can come here and save $5."
Saving those extra dollars is becoming more crucial.
Mary Ann Doyle, a 75-year-old retired teacher browsing in the dairy aisle at the Wal-Mart in Santa Clarita, said she is now buying food in smaller quantities, like half a dozen eggs instead of a dozen, and using more coupons.
"It needs to get better," she said of the economic situation. "I hope we've hit rock bottom."
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