Bloomberg Talks President and CEO of Stew Leonard's, Steward Leonard Jr., Talks Consumer Spending and War Impact
Mar 20, 2026
Steward Leonard Jr., President and CEO of Stew Leonard's, a longtime supermarket leader, discusses consumer behavior and food pricing. He covers how his stores delay price hikes and share fuel surcharge pain with suppliers. He talks about meat supply shifts, customers trading beef for pork and chicken, and strategies to help shoppers manage rising costs.
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Grocers Absorb Costs Until Pain Becomes Unsustainable
- Supermarkets operate on very thin margins and try to absorb cost spikes as long as possible.
- Steward Leonard Jr. says he holds price increases to protect customers but must raise them eventually or risk losing money after prolonged cost pressures.
Split Short Term Cost Increases With Suppliers
- Split added costs with suppliers as a first step when fuel surcharges or tariffs hit.
- Steward Leonard Jr. says his chain will start sharing rising fuel costs with suppliers while hoping the spike is short term.
Unclear Tariff Refunds Leave Retailers Guessing
- Steward Leonard Jr. described uncertainty about how tariff refunds will reach retailers and consumers.
- He referenced Costco's lawsuit and wine suppliers noting refunds but said he doesn't know how rebate checks will work in practice.