CAMP HILL, Pa.
As consumers increasingly shift to lower-cost private brand products in an effort to curb costs amid the current economic crunch, Rite Aid has announced the launch of its M5 Magnum five-blade shaving system, which will be available exclusively at more than 4,900 Rite Aid stores nationwide beginning March 29.
According to Information Resources’ “Competing in a Transforming Economy” series, grocers and pharmacy retailers are experiencing the biggest jump in private brand share over the past year. Research from IRI shows that private brand products accounted for 17.1% of dollars spent in all package goods categories last year, up 0.7 points last year. That number is expected to increase at a significantly accelerated rate in each quarter of 2009 and beyond.
“The launch of the M5 Magnum underscores Rite Aid's commitment to providing our customers with high-quality products at up to 40% less than name-brand equivalents,” stated Bryan Shirtliff, Rite Aid VP, category management. “Now more than ever, consumers are evaluating their spending and realizing they can experience the same premium performance with more cost-efficient private brand products. With the M5 Magnum, we're offering a value-based solution at a time when consumers need it most.”
Rite Aid's M5 Magnum razor has a retail price of $6.99, or $3 less than the comparable national brand, the retailer stated. M5 Magnum's replacement blades are priced at $7.99.
In its March 29 weekly circular, the pharmacy retailer is inviting customers to try the M5 Magnum for a special price of $4.99, with a no-risk “free bate.” Customers who purchase the M5 Magnum between March 29 and April 4 can apply for a full refund of the purchase price through Rite Aid's Single Check Rebate program.
The M5 Magnum has five titanium-coated blades and a trimmer on the back of the cartridge for a more accurate cut on sideburns, goatees and under the nose. The razor also features a soap bar, a lube strip with botanical oils, and a 90-degree trimming angle. Comfort and ease of use are further enhanced by the M5 Magnum's ergonomic handle design with soft-grip raised ribs, which, according to Rite Aid, was preferred by consumers in side-by-side testing against leading name brands.