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I can confirm. Was in retail management until recently. Owner regularly boasted about how much money he made because he saw the beginning of the pandemic and bought a ton of product at the low prices they were at before prices started going up. Then raised prices to be 30% more than the competition raised prices.
"People expect prices to go up, but they won't be able to shop around so they will pay the extra. With all the shipping and package theft problems nobody will trust Amazon so it doesn't matter if we are charging nearly twice as much. They want what we have and they will pay the price we set."
When I left they were still nearly double the price of LOCAL competition and still pulling profits. The thought is even if 30% of the customers leave and go somewhere else, with the margin being ridiculously high we still came out on top.
"We make money by being the first to raise our prices and the last to lower them."
"We" was actually the owner.
Bonuses were "Not Available" due to rising cost of operating during a pandemic. Raises were limited to cost of living increases based on state adjustments (which were far lower than our area).