Penn Traffic Sets 21st Century Precedent, Says President
In presenting how Penn Traffic Company plans to grow its business and battle increasing costs at its annual meeting in Syracuse, N.Y., President and Chief Executive Officer Joseph V. Fisher described the company as representative of “the traditional supermarket improved for 21st century lifestyles.”
Mr. Fisher stated that more than three million customers are using Penn Traffic’s loyalty card, accounting for more than 70 percent of retail sales. “This year, we are beginning to introduce merchandising programs that use the Wild Card to specifically target the needs of certain market segments,” he says.
Penn Traffic is also focusing on its private label program. “We expect to continue to achieve increased private label sales in the coming year by adding product variety and increasing special promotions. These high quality products provide our customers with excellent values, especially during these times of an uncertain economy,” says Mr. Fisher.
Moderator Comment: Does Penn Traffic represent the “traditional supermarket for the 21st century”?
Joseph Fisher has said that Penn Traffic’s long term
business plan calls for the company to:
- Pursue a strong capital investment program
- Enhance merchandising
- Improve store operations
- Reduce and contain costs.
Based on our knowledge, Mr. Fisher would have been more
precise if he said that Penn Traffic’s long term business plan calls for the
company to:
- Reduce and contain costs
- Improve store operations
- Enhance merchandising
- Pursue a strong capital investment program.
Penn Traffic may represent the traditional supermarket
for the 21st century. To us, however, it sounds an awful lot like
the traditional supermarket of the late 20th century. Those supermarkets
have had their problems. [George
Anderson – Moderator]