Wal-Mart Engages “Price War” against Other US Retailers
World’s largest retailer Wal-Mart Stores Inc engaged in a “Price War” against other US retailers in a bid to win back thousands of shoppers it has lost to Target.
Starting this week, consumers can expect lower prices all throughout summer.
Wal-Mart Stores Inc., the largest retail chain in the world, has announced on Monday major price cuts in many of its products in a bid to turn around sluggish sales in many of its stores in the US.
Wal-Mart has issued the new product price matrix, ahead of the Memorial Day weekend, after losing thousands of customers to its rivals, which has earlier announced their respective price cuts. The retail giants hoped to win back its customers from rivals.
Many of the shoppers can expect the markdown, from $1-ketchup bottle and under $4-case of Coke product, throughout the summer on 2010.
However, industry experts said that the “splashy” price cuts by Wal-Mart may not be enough to get the full attention of the shoppers or even make significant change in the audience’s perceptions.
It will be recalled that Target, one of the closest competitor of Wal-Mart, has announced an across-the-store price cut garnering enough attention away from the retail giant.But Wal-Mart vowed to take the competition to higher level, saying that they will restore some items like soups and laundry detergents to give people more options in their shopping lists.
The company has earlier stopped selling the products when it decluttered its stores earlier.Basic clothing lines like socks and underwear will also become the stores frontliners.
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