Walmart Launches Bettergoods, its Largest Food Brand in 20 Years
In an effort to attract younger customers who are looking for chef-inspired foods at affordable prices, Walmart has announced the launch of Bettergoods, its largest food brand in two decades. The new brand will offer a variety of products including frozen foods, dairy products, snacks, drinks, pastas, soups, coffee, and chocolate, with a total of 300 items set to debut this fall.
Prices for Bettergoods products will range from under $2 to under $15, with the majority of items priced at under $5. This launch comes at a time when inflation has led shoppers to seek out more cost-effective options, leading to an increase in the popularity of private label brands. Private food and beverage brands accounted for nearly 26% of the overall market share in units sold last year, compared to 24.7% the year before.
Walmart’s move to expand its store labels on food comes as rivals like Target also ramp up their private label offerings. Scott Morris, senior vice president of private brands, food, and consumables at Walmart, commented on this trend, saying, “As an industry, we are seeing younger customers become more brand-agnostic, prioritize quality and value, and drive greater interest in private brands.”
With the launch of Bettergoods, Walmart aims to capture the attention of a younger demographic and provide them with high-quality, affordable food options. As the market continues to see a shift towards private labels, Walmart’s latest venture is poised to meet the changing needs and preferences of today’s consumers.