I'm sorry that you don't agree. I managed a district at one time in my life, and had close to a dozen stores I was responsible for.
But we chose to keep prices low when everyone else was charging about 20% to 30% more. Customers would consistently tell us they were grateful to us for being fair and loyal to our customers. They would tell us how refreshing it was not to get ripped off. They would recommend us to their friends and family, and we would get their business for life. I refused to rip people off just because everyone else was, or simply because I could.
So how did that model work out for the dozen stores that closed?

Customers were really happy those stores were losing their rears weren't they? Customers don't care if the store makes money.
I'd be happy as heck if the gas station in town only charged a nickel a gallon!! I'd tell all my friends (both of them

Bottom line: You sell at a price to make money. Businesses are not in business to make friends.
Sell too high, you lose sales. Sell too low, you lose the store.