If grocery bills are driving you crazy, hope is on the horizon—for fans of one major grocery chain, at least. Walmart just announced they are slashing prices on more than 7,000 items in an effort to encourage customers to spend money in their stores while still getting bang for their buck. Walmart CEO Doug McMillon announced the news during Walmart's second-quarter earnings call, saying the company is putting pressure on suppliers to cut prices so they can pass savings on to shoppers. “We have less upward pressure, but there are some that are still talking about cost increases, and we’re fighting back on that aggressively because we think prices need to come down,” he said, according to CNBC.
Here’s everything you need to know about the potential price cuts, including items that will remain more expensive (for now).
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The Good News
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Prices have leveled off for sporting goods, pet food, lawn and garden items, apples, potatoes, and strawberries.
The Bad News
iStockWalmart’s cuts don’t extend to certain items: Prices for dry goods, processed foods, sodas, sodas, dairy, eggs, sugar and meat may continue to rise.
Sprucing Up the Stores
Walmart is pouring huge amounts of money into remodeling their stores to make them more attractive and pleasant to shop in. “We’ve invested over $9 billion in the past two years to upgrade more than 1,400 stores across the country,” says Hunter Hart, Senior Vice President, Walmart Realty. “Each store is designed to deliver a more modern shopping experience and improve the lives of our associates and customers from the moment they step into the new space. Every change is thoughtful. They all ladder up to a greater goal: to meet our customers wherever they are, leveraging our stores to welcome people to a more modern, highly-connected Walmart.”
Walmart Pharmacy
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Walmart announced growth in their health and wellness division, including the sale of weight loss GLP-1 drugs. “We want to drive everyday low prices," Walmart's CFO John David Rainey said on the call. "We do not intend to achieve any of our margin performance by passing this along to our customers and members in the form of higher prices."
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Target Is Slashing Prices Too
iStockWalmart is not the only store focused on lowering prices. Target announced in May that it would drop the price of 5,000 items. "We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Rick Gomez, executive vice president and chief food, essentials, and beauty officer at Target, shared in a statement. "Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs."
