It was established in Queensland, where a discount food barn chain operating as Jack the Slasher was acquired by Safeway and when Woolworths took over Safeway in 1990, the stores were positioned as low-cost locations that sold dry groceries and frozen perishables.

It later expanded into New South Wales and became the low-cost supermarket chain for Woolworths, competing with Franklins No Frills, Coles Myer's Bi-Lo and Aldi.

The chain expanded when Woolworths purchased the Franklins stores in New South Wales and Queensland, and converted them to the Food For Less brand.

The market niche that Food For Less operated in was also filled by Aldi, which opened business in 2001 and had 565 stores in Australia in 2019.

The store in Macquarie Waters NSW closed on 5 April 2012, with the building earmarked for demolition in 2017.