After reporting record sales in 2023, Migros has announced that it will reduce the cost of 450 everyday products by up to 20 percent. The supermarket will begin these price cuts from January 22, with further reductions expected as the year goes on.

Migros to cut the price of groceries after record year

In a statement given to Blick, Migros confirmed that they achieved record sales in the 2023 financial year. Last year, the group as a whole earned 31,9 billion francs, a 5,9 percent increase compared to the year before. Much of this growth was recorded in retail, with trade in Switzerland now totalling 24 billion francs a year.

As a result of this success, Migros head Mario Irminger confirmed that 450 different products would see their prices cut by up to 20 percent from January 22. These products will mainly include everyday items and groceries such as bread, cheese, tea and meat - the company used the example of raspberry syrup, which should see its cost cut by 75 cents (rappen).

Migros added that some personal care and hygiene products would also be part of the cuts and in what will be further good news for shoppers across Swiss cities and cantons, the international company promised further price reductions during the course of 2024.

Migros specialist stores struggle while online sales boom

However, it hasn’t been completely smooth sailing for the “Orange giant” over the course of last year, with Migros’ subsidiaries like World, Do it + Garden, Melectronics, Micasa, SportX and Obi recording a 7,7 percent average decline in sales compared to 2022, down to 1,5 billion francs total. Several "specialist stores" provided by Migros have been closed in the last year due to declining sales.

In the statement, Migros blamed this poor performance on the “great success of online trading”, with the company reporting that sales through the internet rose by 10,3 percent in 2023. Online sales totalled 4,1 billion francs last year, with more than half of sales coming from tech and electronics subsidiary Digitec-Galaxus.