By: Liz Farmer

If you shop at Giant Food, you may be in store for a pleasant surprise this weekend — more little red-and-yellow discount tags.

The grocer launched a new initiative Friday that it says will double the number of sale items available to shoppers who are members of the company’s loyalty program. Along with new shelf tags and in-store signage, Giant is launching a redesigned loyalty card. Customers can register their card online and create a personalized profile, view store services and track their savings and reward programs.

The additional savings come at a time when family budgets are strained from back-to-school spending. (Click here to read more about how Maryland stores are doing on back-to-school sales.)

Shoppers can also do their part for the schools through Giant’s A+ Bonus Bucks every time they use their card. Since 1989, A+ Bonus Bucks has raised more than $79 million to help local schools purchase equipment and materials.

So, in the last year, Giant has redesigned its logo, introduced self-scan shopping and is rolling out more discounts. While I’ve heard from some Safeway shoppers they prefer the quality of the Safeway product (especially in produce) over Giant, in this economy, price and convenience are taking top priority with more and more people.

At what point should Safeway be concerned that Giant is wooing away its shoppers for good? And who’s next? Wegmans? Trader Joe’s?