Supermarket Perimeter - May 2022 - 62

GIANT EAGLE
Seafood
NAVIGATING
fluid
BY CHRISTINE BLANK
FRESH SEAFOOD SALES PLUNGED IN MARCH due to rising inflation
- primarily impacting crab, lobster, tilapia and catfish. Still, there are
some bright spots in the department, including an uptick in sales of
salmon, trout, seafood salads and other items.
Fresh seafood prices rose an average of 12.1% to $8.51 per unit
in March 2022 versus a year ago, more than the 10.9% increase in
February, according to IRI and 210 Analytics.
The higher prices led to a 10.4% decline in fresh seafood sales to
$505 million in March, primarily impacting fresh shellfish sales, which
realized a significant 27.8% decline in sales. Crab (-34%), lobster (-27%),
tilapia (21.6%), and catfish (16.4%) realized the biggest sales drops in sales
in March.
Inflation has hampered sales in all categories across grocery stores -
including fresh seafood, said Shawn Oliver, seafood category manager
at Pittsburgh-based Giant Eagle.
" It looks like people are cutting back in general, store-wide, " he said.
As a result, overall fresh seafood sales have declined slightly,
according to Oliver.
The sales drops in crab and lobster reflect the impacts of inflation on
the cost of goods in general, including non-food luxury items, Oliver
noted. In addition, " We had government-subsidized funds going into
62 - MAY 2022
the economy at this time last year; people don't have the extra money
to afford the luxury items [this year]. "
The plunge in crab sales is also likely linked to a decrease in
purchases of seafood from Russia, amid United States sanctions against
the country over its invasion of Ukraine.
Russia is the fifth largest producer of wild caught fish and the world
leader in cod exports, according to the United Nations Food and
Agricultural Organization. US retail and foodservice chains reportedly
buy a majority of their snow crab, king crab and pollock from Russia.
Major food companies have stopped doing business in and with
Russia since the Ukraine invasion, and restaurant chains have pledged
not to purchase seafood from the country. Retailers, heavily reliant on
crab and pollock, may not be able to back out of the country as easily.
In Giant Eagle's case, executives " made the decision we are done
with Russia crab as soon as they attacked Ukraine, " Oliver said. The
retailer was previously buying all of its king crab and around 50% of its
snow crab from Russia.
Giant Eagle had some crab in reserves and it switched to purchasing
snow crab from Canada. " The good thing is the quotas were increased
from last year, so the prices actually came down on snow crab, " Oliver
noted. King crab prices, meanwhile, " are through the roof - at least
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Supermarket Perimeter - May 2022

Table of Contents for the Digital Edition of Supermarket Perimeter - May 2022

Supermarket Perimeter - May 2022 - Intro
Supermarket Perimeter - May 2022 - STPa
Supermarket Perimeter - May 2022 - STPb
Supermarket Perimeter - May 2022 - 1
Supermarket Perimeter - May 2022 - 2
Supermarket Perimeter - May 2022 - 3
Supermarket Perimeter - May 2022 - 4
Supermarket Perimeter - May 2022 - 5
Supermarket Perimeter - May 2022 - 6
Supermarket Perimeter - May 2022 - 7
Supermarket Perimeter - May 2022 - 8
Supermarket Perimeter - May 2022 - 9
Supermarket Perimeter - May 2022 - 10
Supermarket Perimeter - May 2022 - 11
Supermarket Perimeter - May 2022 - 12
Supermarket Perimeter - May 2022 - 13
Supermarket Perimeter - May 2022 - 14
Supermarket Perimeter - May 2022 - 15
Supermarket Perimeter - May 2022 - 16
Supermarket Perimeter - May 2022 - 17
Supermarket Perimeter - May 2022 - 18
Supermarket Perimeter - May 2022 - 19
Supermarket Perimeter - May 2022 - 20
Supermarket Perimeter - May 2022 - 21
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