Effective management of perishable food products is essential for grocery retailers to balance profitability and waste reduction. This study addresses the challenge of selling perishable food products with varying ages across two branches, incorporating consumer behavior and demand shifts between old and new products. A bi-objective infinite horizon dynamic programming model is developed to optimize centralized pricing, ordering, and inventory sharing decisions, aiming to maximize profit and minimize waste. Numerical analysis demonstrates that inventory sharing effectively balances stock levels and reduces food waste. Findings indicate that prioritizing waste reduction leads to higher price discounts and increased inventory sharing, while prioritizing profit maximization results in selling newer products and reducing inventory sharing. Sensitivity analyses highlight the importance of market segmentation and price differentiation strategies. These insights provide valuable guidance for retailers in refining inventory and pricing decisions, adapting to regulatory pressures, and improving overall supply chain performance.