Grocery Outlet Holding Corp. has recently published its second annual Impact Report, showcasing progress in its commitment to social and environmental responsibility. RJ Sheedy, CEO of Grocery Outlet, emphasizes that the company’s mission, “Touching Lives for the Better,” has been integral to its success over the past 78 years. The report highlights several key areas where Grocery Outlet made strides in 2023.
One significant achievement is customer savings, with an estimated $2.8 billion returned to shoppers through discounts, averaging 40% less than conventional grocers. The retailer’s WOW! items offer even greater savings, between 40-70%. This pricing strategy not only makes groceries more affordable but also enhances customer loyalty.
Another impactful initiative is the support for independent operators. Grocery Outlet currently partners with 447 independent operators and created 44 new entrepreneurial opportunities in 2023. This model not only stimulates local economies but also fosters a sense of community ownership.
In its efforts to mitigate food waste, Grocery Outlet’s sourcing model targets excess inventory, ensuring that surplus food reaches consumers instead of being discarded. Additionally, over 98% of its stores implement energy-saving technologies, which contributes to a significant reduction in operational costs.
The company also prioritizes community engagement through initiatives like the Independence from Hunger Campaign, which raised over $3.9 million in 2023 for local food banks. Their recent food drive collected more than $4.8 million worth of groceries, showcasing their commitment to fighting food insecurity.
Despite a slight decline in gross margins, Grocery Outlet has achieved notable financial performance, with a gross margin of 30.9%, exceeding expectations. With more than 520 locations across the U.S., Grocery Outlet not only stands out in food retailing but also sets a remarkable example of corporate responsibility and community engagement. As the company continues to grow, its commitment to both affordability and sustainability strengthens its position in the competitive grocery market.
