Metcash, the owner of IGA and Foodland brands, tells Senate inquiry that ‘if they can’t buy the store, they try and buy the property’
The head of the food division at Metcash, which owns the IGA and Foodland brands, has accused major supermarkets of paying inflated prices to buy out competitors, and purchasing properties to “turf out” independently owned stores at the end of their leases.
“That removes critical scale from our network and they’re often prepared to pay significantly inflated prices, far more than any other independent would ever afford to pay,” Ramage said on Thursday.“If they can’t buy the store, they try and buy the property. We have good examples where they then turf out the independent at the end of the lease even when they already have multiple stores in that locality.
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