Walgreens joins the trend of major retailers lowering prices to attract customers.
- The company announced a reduction in prices on 1,500 items.
- Discounts include both branded and store-brand products.
- Price cuts affect essential items from snacks to toiletries.
- This move follows similar actions by Amazon, Walmart, Target, and Aldi.
Walgreens, which operates nearly 9,000 locations across the US, is making substantial price cuts to lure customers. The retailer announced on Wednesday that it is reducing prices on 1,500 items. This move follows similar actions from major players such as Amazon, Walmart, Target, and Aldi.
The price reductions affect a variety of products, including snacks, toiletries, and even Squishmallows. For instance, a jar of One A Day gummy vitamins now costs $11.99, down from $13.49. Additionally, the price of Walgreens-owned Nice! sour cream and onion potato chips has been reduced from $2.79 to $1.99, while a 16-inch Squishmallow plush now costs $20, down from $24.99.
Both brand-name and store-brand items are included in the price cuts. This encompasses Walgreens’ health and wellness, personal care, and seasonal product lines. The discounts apply to purchases made both in stores and online.
Tracey D. Brown, Walgreens’ retail president and chief customer officer, emphasised the company’s commitment to helping customers manage their finances. ‘Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials,’ she 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.’
This action comes on the heels of other major retailers announcing their own price cuts. Target recently declared plans to lower prices on 5,000 popular items over the summer. Amazon Fresh is discounting 4,000 items both online and in stores, with discounts of up to 30%. Walmart has also cut prices on nearly 7,000 products, impacting various food categories. Meanwhile, Aldi announced a reduction in prices on more than 250 items earlier this month.
The Biden administration has been urging retailers to reduce prices amid persistent inflation, with consumer costs still 20 to 30 percent higher than three years ago. Following Target’s announcement, the White House praised the move, highlighting President Biden’s calls for grocery chains to lower prices for consumers. Sarah Wyeth from S&P Global Ratings pointed out that incomes have not kept pace with rising prices, leading to a more frugal consumer mindset.
As inflation continues to pressure consumer budgets, retailers like Walgreens are stepping up with significant price cuts to remain competitive and support their customers.
