As inflation skyrockets, CEO of supermarket chain shares 3 ways to protect your wallet
Stew Leonard's CEO urged shoppers to buy on sale, use generic products and stick to a shopping list.
Stew Leonard, Jr., CEO and president of Stew Leonard's supermarkets, shared three tips for cutting costs as inflation reaches a 40-year high.
Inflation may be taking a large chunk out of consumers' wallets, but the CEO of one grocery store chain said shoppers can do three things to save money with consumer prices reaching 40-year highs.
"There's always items on sale every week: eggs, ribeye steak, etc. Try to buy on-sale and then freeze stuff," Stew Leonard, Jr., president and CEO of the Stew Leonard's told FOX Business' Maria Bartiromo on "Mornings with Maria" Monday.
Stew Leonard's opened its doors more than 50 years ago and has grown to be the "World's Largest Dairy Store" and thriving grocery business with annual sales of nearly $500 million, according to its website. Based in Norwalk, Connecticut, the family-run supermarket chain also has several locations in New York and New Jersey.
People shop for groceries at a supermarket in Glendale, California January 12, 2022. (Photo by Robyn Beck / AFP) (Photo by ROBYN BECK/AFP via Getty Images) ((Photo by ROBYN BECK/AFP via Getty Images) / AP Newsroom)
Leonard went on to say switching out more expensive brand-label products for generic options and avoiding tossing random items into shopping carts can help increase savings.
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"Switch from the national brands over to more private labels. Sometimes they're made by the same company. You can save 10, 20 percent just on that," he explained.
Last, shoppers can spend even less, he said, by creating a shopping list and sticking to it.
Stew Leonard Jr., CEO and president of Stew Leonard's, share tips for saving money as consumer prices reach their highest level in 40 years.
Meanwhile, President Biden warned of a "real" food shortage last week following the sanctions placed on Russia.
However, Leonard said his stores have been able to keep shelves full but warned that chicken farmers have told him the price of corn is on the rise.
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He also pointed out, for the first time in his 50-year career, turkey farmers refuse to disclose how much the birds could cost consumers at Thanksgiving.
"The crystal ball is broken in the food industry right now," he said. "Nobody knows what to predict."