Senior Executives from Woolworths and Coles will be under the spotlight this week at an inquiry conducted by the Australian Competition and Consumer Commission.
The Australian Associated Press reports that details on prices, profitability, competition and supply chains to be at the top of the agenda with costs being put under the microscope, including how wholesale prices translate to customers at the checkout.
The ACCC’s final report is due in February and the watchdog is separately taking legal action against the two biggest retailers, accusing them of misleading customers with fake discounts, with the commission alleging both Coles and Woolworths bumped up the price of products by 15 per cent for short periods before dropping the price and selling them under Woolworths’ “Prices Dropped” promotion and Coles’ “Down Down” promotion.
Both Coles and Woolworths have revealed they will fight class action lawsuits filed in the Federal Court over claims they deceived customers through misleading promotions on everyday products.
