Safeway is the cost conscious option in Mountain View, compare it with the other options (Whole Foods, Nijiya). The comparison between Publix and Safeway is apt.
Safeway in the Bay Area regularly comes up very close to the same cost as Whole Foods, unless one regularly uses the app and clips the saving coupons for Safeway.
Ranch 99 and the little De Martini's produce shop undercut Safeway prices on produce in Mountain View. The comparable items work out to be less expensive at Trader Joe's versus Safeway, too, last time I looked. Produce at Costco is regularly less than all of the above but I only buy a few produce items that I can freeze for later use there. For me the two advantages to Safeway are the extended hours of operation and the locations being convenient.
The "cost conscious" option in a city with one of the highest median incomes in the US is very different from a cost conscious shopper in a city like Daytona Beach, where practically a quarter of the population lives below the poverty line!
I will also point out that "cost conscious" is one of several shopper profiles that Safeway targets, but broadly speaking Safeway targets a more affluent shopper (although cost conscious isn't the same as non-affluent). The degree to which a particular location services these targets varies by area. But no, these stores target fundamentally different shoppers and think very differently about assortment, at least with regard to the long tail
I live in Los Altos next to Mountain View and Safeway is very expensive compared to every other option except Whole Foods. There are a few items they have that are the same as others, like bananas so I sometimes walk to the closest Safeway to stock up on those but otherwise one has to be wary of the pricing.