Prís to disrupt grocery market with new low-price store opening in Smáratorgi, Iceland

A new grocery store is set to open in August, promising the lowest prices in the market. The founders of this store, named Prís, are experienced players in the grocery sector, having previously established well-known chains Bónus and Krónan.

According to the executive director of Prís, Gréta María Grétarsdóttir, the store plans to disrupt the market by offering competitive pricing for the first time in 24 years. “We are preparing to come in as the cheapest option on this market,” she stated, highlighting the absence of new entrants in the low-price grocery segment for over two decades.

The exact details of the store’s opening remain somewhat under wraps, but it will be located at Smáratorgi, starting with just one outlet. To maintain low prices, Prís will implement shorter operating hours compared to other discount retailers, will not accept cash payments, and will only offer self-checkout options.

Gréta noted, “We are rethinking our approach. We recognize we are a single store and may not have comparable offers. However, we want competition in this market and are looking internally to reduce our costs to provide better prices for our customers.”

Prís is part of the Heimskaupsamstæðan group, owned by Orkunnar, which in turn is owned by Skeljar, with Jon Ásgeir Jóhannesson, a well-known figure in the grocery sector, serving as chairman. With the founders of Krónan involved, Gréta, previously the managing director of Krónan herself, anticipates that Prís will contribute positively to lowering grocery prices for consumers. “We’ve worked hard for this,” she affirmed, optimistic about the venture amidst a competitive yet limited market.