It sounds kind of wacky, I know. But really, folks, the Kroger chain of grocery stores, the largest in the U.S., are now entering the home mortgage business. The chain, which includes some well-known retailers such as Kroger, Fry’s, Albertson’s, Fred Meyer, Ralph’s and many more. Is expanding into providing a number of financial services. This may seem an odd mix, but Kroger thinks it is a good match with their business expansion plans. After all, until recently, Wal Mart had been pursuing setting up its own banking division. This application was withdrawn after howls form the banking industry.
While the current credit crunch might slow Kroger’s expansion into the home mortgage market, it’s likely they will still pursue this plan.
Click here for coverage of the Kroger move provided by KABC News, Los Angeles.