Iceland has closed the price gap with its main supermarket rivals, claims group CEO Bill Grimsey. One priority he has had since joining the group has been to sort out the pricing architecture in its frozen food chain. Grimsey told a Schroder Salomon Smith Barney conference that Iceland would never be cheaper, per se, than the likes of Asda and Tesco. "High street prices are not the same as out of town. The convenience of the high street carries a premium." The trick, he said, was to ensure the gap was not so great it alienated shoppers ­ something Iceland had let happen on groceries and frozen foods. And Grimsey said Iceland's more competitive pricing structure ­ launched in May ­ coupled with strong deals brought it "down to parity" with the supermarkets. "And that's attractive to our customer base," he added. {{NEWS }}