Pros
Historically, Safeway has had a stable environment in which one can work for a long time in the private label group as a brand manager (unlike in a CPG firm where you either are promoted or worked out over time). It also is an environment in which you can see a lot, as there is not the same scrutiny from many layers of management as at a CPG firm. Also, while Safeway is conservative, you can be sure it is not going to do anything unsavory. That I did appreciate.
Cons
It is a pretty conservative environment and not the most exciting. Many people in the grocery industry stay in it for their entire careers, so the setting is not always that dynamic or forward thinking. Note that at the time of this writing Safeway has been slated to be acquired by the same company that owns Albertsons. This will be finalized at the beginning of the year 1/1/15. Time will tell if this is good or bad, but in the short run it is probably not good, as much will be in a state of chaos.