Well, that didn’t take long. EasyFoodstore—the London grocery store that opened on Tuesday and immediately garnered wide media coverage by selling everything in the store for just 25 pence (about 36 cents) – announced it would be closed on Thursday because it ran out of stock. Apparently someone didn’t quite crunch the numbers on supply and demand.
The store, launched by the same group behind discount airline EasyJet, should have expected an influx of customers with such low initial prices on all their products, but apparently there were more bargain shoppers than they bargained for. The company claims they went through about two weeks’ worth of stock in their first two days. “Unfortunately our usual suppliers are unable to meet the demand in order to restock the shop again fully until Friday,” the store said on its website.
Still, the brand was trying to put a positive spin on things. “It demonstrates that the demand is there and the concept is valid,” Richard Shackleton, EasyGroup’s director of communications, told CNBC. Though, if your concept is a store that gives away free iPhones, and then you demonstrate demand by giving away all your iPhones in two days, I’m not quite sure that’s a particularly high bar to clear.
“Now, obviously we're going to have to go away and at the end of the month assess how much our 25 pence opening offer was worth and what the price point really needs to be in terms of going forward,” Shackleton continued.
Though EasyFoodstore’s plan is to keep prices low by only offering about 76 items, including things like instant coffee, canned tuna and fusilli pasta, the 36 cent promotion is only intended to last the first month, at which point prices are expected to skyrocket to closer to 72 cents—assuming they actually have stock to sell.