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A new grocery chain plans to open three to five Cleveland area stores that will feature a cut-rate pricing format, reports Crain's Cleveland Business.

Ray Korfant, president and chief operating officer of Fant's Grocery Outlet, said his stores will sell items at prices at least 30% to 40% below conventional supermarket prices and 20% to 25% below discount store or food warehouse prices.

Mr. Korfant said the no-frills stores will carry national brand and private label items that the chain will acquire through closeouts, inventory overruns and product label or formula changes.

Emily DeNitto coordinates Grocery Retailing News.

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