Pilot store easyFoodstore opens in Brent with every item only costing 25p
Founder of easyJet, Sir Stelios Haji Ioannou, has embarked on a new business venture, this time reaching out to low income families. He has opened up a pilot easyFoodstore shop in Brent where all the items are 25p each. He stated that,“This is another way the easy brand can serve the less well-off. Given my experience in distributing food for free in Greece and Cyprus, this is a more commercial attempt to sell basic food for 25p per item to those less well-off in the Park Royal area."
This no-frills grocery store decorated with the same easyJet orange colour, has been advertising the slogan, “No expensive brands. Just food honestly priced.” The market they are aiming for is those that shop at food banks or Aldi or Lidl. This would be the place that caters to those shoppers that may fall in between.
EasyFoodstore offers 76 products including tinned vegetables, crisps, biscuits, tea bags, pasta, and many more. While each item only costs 25p this month, they say they will be raising it to 50p next month. It will be interesting to see how they compete against Tesco, Sainsbury, Asda and Morrison once they raise their prices.
There are many that are skeptic about the success of this store. Besides being located in a location that is difficult to reach, they do not offer any fresh fruit or vegetables and may not be cheaper than competitors once they raise their prices to 50p.
There have been plenty of other business ventures that Iannou has previously embarked on and this is hardly going to be his last. Even if this business fails, Iannou still has 35% stake in easyJet and the majority stake in easyHotel providing him with enough money to play around with.