Changes in food retail affect food prices, as well as the variety of products and services available to consumers. With average food prices 5 to 25 percent lower at non-traditional retailers, the growing presence of these stores will benefit the average American. However, it remains to be seen if the overall economy will benefit from these new retail formats, especially considering the impact on traditional retailers, food retail workers, food manufacturers and agricultural producers. The food retail landscape in the United States has changed rapidly over the past few decades.
This has had complex impacts on the competitiveness and health of this industry. For wholesalers, distributors and others involved in the food supply chain, expanding and maintaining relationships with non-traditional retailers will be crucial to ensure that their products are available for sale. The IMF's The Food Retail Industry Speaks survey shows that food retail sales were 40% before the pandemic, and 46% said that COVID-19 made it difficult to hire and retain people. One of the unique features of the Fresh Foods Homescan data is that panelists record food purchases at all retail establishments that sell food for household consumption, including supermarkets, grocery stores, supermarkets and convenience stores.
The ERS investigated the variation in food prices by calculating the domestic prices of a variety of dairy products, using a single data set that facilitated the analysis of the average prices paid at all retail outlets (see Homescan provides information on food purchases). The findings of this study will help guide public policies to improve food supply chain performance and food security and support people's access to healthier and more nutritious food options. First, companies in other sectors, including technology, are starting to reduce their four-year degree requirements and are now hiring less accredited labor that the food industry has long depended on. Companies in the food industry would do well to develop their own vision of FoW and implement a strategy now to achieve their objectives, whether related to the growth of market share or something else.
Each household is equipped with an electronic household scanning unit, and household members record each purchase of food with a UPC code by scanning the UPC code of the product or the corresponding product search code for food purchases that are not UPC encoded. To find out what retailers and suppliers of food products think, Deloitte and the IMF, the Food Industry Association (FMI), surveyed more than 150 U.S. executives from U.S. consumer packaged goods, food manufacturing and processing companies, as well as grocery stores and other food retailers.
The food industry is no stranger to these changes and possibilities, especially after the turbulence and rapid acceleration experienced during the COVID-19 pandemic. Companies in the food industry have laid some of the groundwork to prepare their employees for the journey of change that lies ahead.