Wal-Mart trumpets price cuts on 15,000 items
Lindsey Hughes -- Home Textiles Today, October 18, 2007
Bentonville, Ark. – With holiday shopping underway, and in the wake of its Oct. 1 announcement of 10% - 50% price cuts on a range of toys, Wal-Mart today reduced prices on 15,000 items – a 20% greater reduction than last year’s holiday rollback.
Examples of products in food, toys, home and apparel were cited – but none specifically in soft home, although the retailer said more cuts were scheduled.
"In an effort to help stretch the dollar, we're giving customers an early start on holiday savings with even more targeted price cuts to come," said Bill Simon, evp and coo, Wal-Mart.
Global Insight, a research company commissioned by Wal-Mart, said the average household impact of Wal-Mart’s overall pricing strategy in 2006 was a savings of $2,500, including an average savings of $652 during the October-December quarter.
Wal-Mart’s latest price cuts will undoubtedly affect the fortunes of other major retailers, several of which have already adjusted their third-quarter outlooks downward.