How a Kroger-Albertsons merger could impact food prices

Published: Aug 26, 2024 Duration: 00:04:14 Category: News & Politics

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>>> KENNY, WHERE ARE THE EGGS? >> I HAVE THE RIGHT OF WAY. >> RIGHT, SORRY. HERE. SETTLE OUT OF COURT. >> OH, WEIRDO. >> CLEAN UP IN AISLE FOUR! >> WE ARE BACK AT 7:39 WITH A CLASSIC SCENE FROM "MR. MOM". >> A CLASSIC. >> THE STRUGGLES OF LIFE AT THE SUPER MARKET. >> NOW THERE IS A NEW ISSUE FACING SHOPPERS, A CLOSELY WATCHED COURT CASE THAT INVOLVED KROGER AND ALBERTSONS. THEY WANT TO MERGE, BUT THE GOVERNMENT IS SAYING NOT SO FAST. >> THE OUTCOME COULD IMPACT WHERE YOU SHOP AND HOW MUCH YOU PAY FOR GROCERIES. WE WANT TO BRING IN CHRISTINE ROMANS WITH ALL OF THAT. SO WHAT'S THIS ALL ABOUT, CHRISTINE? WHY DOES THE GOVERNMENT WANT TO GET INVOLVED HERE? OBVIOUSLY THESE CHAINS ARE NOT JUST INDIVIDUAL. THEY OWN SOME OTHER CHAINS AS WELL. THIS HAS THE POTENTIAL WILL TO BE A BIG DEAL. >> THE GOVERNMENT IS SKEPTICAL THIS COULD BE GOOD FOR CONSUMERS. LOOK AT ALBERTSONS AND KROGERS. THEY OWN PROBABLY THE GROCERY STORE YOU SHOP IN YOUR NEIGHBORHOOD. LOOK AT ALL THOSE NAMES. LOOK AT ALBERTSONS. THESE TWO ARE VERY, VERY BIG PLAYERS. TOGETHER THIS WOULD BE THE BIGGEST GROCERY MERGER IN HISTORY. THE GOVERNMENT IS SAYING WE DON'T THINK THIS FITS IN WITH THE BIDEN ADMINISTRATION FOR KEEPING COSTS DOWN FOR CONSUMERS. >> THE AVERAGE AMERICAN CONSUMER, ULTIMATELY, YOU THINK PRICES WILL GO HIGHER OR LOWER? >> PRICES ARE UP 21% SINCE THE PANDEMIC STARTED. THIS IS REALLY ISSUE NUMBER ONE FOR THE GOVERNMENT AND FEDERAL TRADE ADMINISTRATION HERE. THEY SAY THEY WOULD BE BETTER TOGETHER. THEY ACTUALLY WILL BE BETTER AS COMPETITORS TOGETHER. THE GOVERNMENT IS SAYING, NO, NO, NO, WHEN YOU START TAKING PLAYERS OFF THE FIELD AND YOU HAVE ONE, BIG HUGE COMPANY, THAT'S NOT GOOD FOR COMPETITION. >> IN REALITY, ARE SOME STORES LIKELY TO CLOSE IF THIS GOES THROUGH? >> THEY WILL HAVE TO VEST SOME STORES. SOMEBODY WILL HAVE TO BUY THOSE WHERE THERE IS OVER LAP AND TOO MUCH CONCENTRATION. THERE HAD BEEN A MERGER IN 2015 WHERE ONE OF THESE BIG CHAINS SAID THEY WOULD SELL OFF SOME STORES AND THOSE STORES WENT BANKRUPT AND THEY BROUGHT THEM BACK AND CLOSED THEM ANYWAYS. THE GOVERNMENT IN THE COURTROOM IS VERY SKEPTICAL THAT THESE TWO COMPANIES WILL DO WHAT THEY DO, PROTECT JOBS AND KEEP PRICES STEADY. >> WHAT I DIDN'T REALIZE IS THAT WALMART IS THE BIGGEST FOOD SELLER IN THIS COUNTRY, LIKE A THIRD OF THE TRILLION DOLLAR MARKET RIGHT NOW. >> YES. >> SO THESE COMPANIES RECOGNIZE THEY'RE FACING REAL PRESSURE FROM A LOT OF THESE BIG BOX STORES. >> THAT'S WHAT THEY'RE SAYING IN COURT. LOOK, THE BIGGEST GROCERY STORE IN THE UNITED STATES IS WALMART. SO THEY'RE SAYING THEY'VE GOT TO GET TOGETHER AND HAVE THIS BIG SCALE SO THEY CAN, YOU KNOW, PRESSURE PRODUCERS TO LOWER PRICES THE WAY THAT WALMART DOES, THE WAY WALMART USES ITS LEVERAGE TO GET LOW PRICES. THAT IS WHAT'S PLAYING OUT IN A COURTROOM. WHATEVER HAPPENS IN THAT COURTROOM, YOU WILL LIKELY FEEL IN YOUR NEIGHBORHOOD GROCERY STORE BECAUSE THIS TOUCHES EVERY CORNER OF THE GROCERY BUSINESS. >> WHAT ABOUT WORKERS? >> IT'S ABOUT 710,000 WORKERS. IT'S A LOT OF PEOPLE. THEY HAVE A GOOD-SIZED UNIONIZED WORKFORCE HERE. THE COMPANIES ARE SAYING, HEY, WE WILL HONOR THESE CONTRACTS. THIS WILL BE GOOD FOR THE WORKERS. THE GOVERNMENT IS SAYING, WAIT A MINUTE, WHEN YOU YOU HAVE FEWER PLAYERS, THAT MEANS YOU DON'T HAVE THE COMPETITION FOR THE THREAT OF WORK STOPPAGES OR STRIKES SO IT ALLOWS YOU TO NEGOTIATE FOR A BETTER PACKAGE. TWO

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