The ubiquity of their brand and how they’ve an alternative for every product is mind boggling. How this is not deemed destructive? It feels like a monopoly (though it’s technically not). Is this not eliminating entrepreneurial incentives since the biggest store in the world is filling its shelves with its own products?
In: Economics
There are lots of store brand goods that are cheaper than name brand versions.
However, they are not always great quality. Any drinker of diet coke will tell you they can taste the difference between real diet coke and store brand copies.
So the store brands make money from people who don’t notice or care about the difference, or perhaps even prefer store brand. Also from people who like the cheaper price. But there are still many people will to buy the more expensive version!
Great Value is not the only store brand that is way cheaper than name brand products. Costco is known to have a store brand Kirkland that is even cheaper for many products! But you are forced to buy in large quantities at Costco and pay a membership fee to shop there at all. There are many many store brands that can compete with each other from different stores. So the market has lots of competition even for cheap versions of products.
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