Yahoo Finance Price cut wars: Walgreens follows Target, Walmart and Amazon in slashing prices on 1,500 items
Walgreens has become the latest retailer to try to lure customers with new deals, slashing prices on 1,500 items.
The cuts will impact everything from snacks to toiletries and even Squishmallows, Walgreens announced Wednesday, as it follows the lead of other major brands including Amazon, Walmart, Target and Aldi, which have all reduced prices in recent days.
A jar of One A Day gummy vitamins will now cost $11.99, down from $13.49, while the price of a bag of sour cream and onion potato chips from the Walgreens-owned Nice! brand now costs $1.99, down from $2.79. The price of a 16-inch Squishmallow plush has gone from $24.99 to $20.
Brand-name and store-brand products, including Walgreens’ health and wellness, personal care and seasonal lines, are also included in the price cuts. The price cuts will apply in stores and online.
“Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials,” Tracey D. Brown, Walgreens’ retail president and chief customer officer, said. “We continue to be committed to our customers by lowering prices on over a thousand additional items, something we’ve been doing since October of 2023.”
Walgreens, which operates nearly 9,000 locations across the US, has been cutting prices since October.
The move comes after brands such as Amazon, Walmart, Target and Aldi announced they were slashing prices in order to boost sales amid persistent inflation.
Target announced plans last week to reduce prices on 5,000 popular items throughout the summer, ranging from everyday grocery items to household essentials.
This will include frozen food, seafood, meat and pasta, though the selections will rotate weekly, according to CNN.
Meanwhile, Walmart has cut prices on nearly 7,000 products across food categories, Walmart US CEO John Furner said in an earning call this month, though he did not specify which products have had prices slashed.
Aldi also announced plans earlier this month to cut prices on more than 250 items, including meat, frozen foods and snacks. The discount supermarket chain said they hoped the decision would “pass along $100 million in savings through Labor Day.”
The Biden administration has been putting pressure on retailers to lower their prices amid persistent inflation in recent years. Following Target’s announcement, the White House tweeted: “President Biden called on grocery chains making record profits to lower prices for consumers – and they’re answering the call.”
Consumer costs are 20 to 30 percent higher than they were three years ago, according to CNN, with inflation still above pre-pandemic levels.
Sarah Wyeth, managing director, retail and consumer with S&P Global Ratings, told CNN that income has failed to rise in line with price hikes, presenting a challenge to retailers.
“There’s just less dollars for consumers to spend,” she said, adding that retailers must now shake consumers out of a frugal mindset.
