Investing.com -- Kroger Co. is preparing significant price reductions across its stores as new Chief Executive Officer Greg Foran seeks to regain market share from competitors including his former employer, Walmart Inc.

The largest U.S. grocery company, which operates 21 chains, is developing plans to test and implement lower prices across product categories, Foran told Bloomberg News in his first interview since assuming the role in February.

"I think about our business a bit like a Formula One race. There's a lead group of cars that are doing a very good job," Foran said. "Our objective is to get out of the midfield and start lapping faster, make up the gap on the first-group cars and then ideally pass them."

The 64-year-old executive pointed to Walmart, Costco Wholesale Corp., Trader Joe's, Aldi and Amazon.com Inc. as competitors that have gained ground by emphasizing value. Kroger plans to fund the price cuts by importing merchandise directly and using technology more effectively to reduce expenses.

"The reality is, the basket has to come down. And not everyone's basket is the same," Foran said. "It needs to be across thousands of products, and it has to be something that passes the commonsense piece with customers."

The strategy comes as Kroger faces increasingly cautious consumers amid rising inflation and tighter government benefits. Foran noted that shoppers are concerned about fuel prices following conflict in Iran and uncertainty about potential price increases ahead.

Beyond pricing, Kroger is working to improve in-store service and accelerate expansion. The company plans to open 70 to 80 new stores next year, double the number opening in 2026. While some locations will close, Kroger said its overall store count is growing.

Foran outlined what the company calls the five Fs: fresh, fast, affordable, friendly and for you, with the last element referring to store personalization for specific neighborhoods.

"Our objective is to execute what we think is a very clear, sensible plan. We want to be America's best grocer," he said.

Kroger is also considering acquisition opportunities, particularly in the Northeast where it lacks presence, and in high-growth markets including Texas, the Carolinas and parts of Florida.