OAN’s James Meyers
3:27 PM – Wednesday, May 29, 2024
Walgreens has announced it will cut prices on 1,300 items across its drugstores, becoming the latest big retailer to enact discounts as consumers continue to fight against high inflation.
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Amazon Fresh announced this week that it will be cutting costs of 4,000 weekly rotating grocery products by up to 30% at its online locations. Additionally, Target announced last week that they are price cutting 5,000 items storewide.
Walgreens price cuts will take effect on items such as hand cream, vitamins, feminine hygiene products, toothbrushes, pain relief patches, and mini pretzels.
Additionally, Walmart also said its slashing prices on up to 7,000 items, and claimed that it has been receiving business from wealthier shoppers who have been feeling the sting of higher prices on basic items.
“Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials,” said Tracey D. Brown, president of Walgreens Retail.
Walgreens is the nation’s second largest retail pharmacy with 9,000 locations across the U.S. and Puerto Rico that serve almost nine million people daily.
“Through my Walgreens loyalty program, our more than 110 million members receive personalized offerings daily. Listening to our customers and offering quality products, value, and convenience every day is our continued commitment,” she said.
Target items that will be affected include household basics from diapers to pet food. Shoppers at Target will also see a decrease in prices on bread, meat, milk, soda, and fruits and vegetables, the retailer stated.
Target’s latest announcement comes just after Target began its “dealworthy” discount brand that includes 400 household and essential products at under $10.
However, Walmart posted better-than-expected quarterly profits, with much of its growth due to the popularity of its e-commerce site as well as spending by wealthy customers.
Walmart said earlier this month it was decreasing costs on specific items by as much as 45%.
Meanwhile, lower class and middle class Americans have had to limit spending during the past few years, causing companies such as McDonalds, Wendy’s and Burger King to create value bundle meals in hopes of luring customers back to their restaurants.
Since the Biden administration took over the White House in 2021, grocery prices have increased by over 21%.
Inflation was 3.4% higher year-over-year in April, with groceries being 2.2% more expensive than they were in 2023.
Walmart also claimed that families are eating at home more versus eating out.
“We’re going to lead on price, and we’re going to manage our (profit) margins, and we’re going to be the Walmart that we’ve always been,” CEO Doug McMillon told analysts earlier this month.
Supermarket chains such as Aldi and Kroger have also announced similar deals for price slashing.
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