Walgreens joins competitors in cutting prices on numerous items
- Walgreens to offer daily deals, selects 1,300 items for price cuts
- Target, Walmart, other big retailers announcing similar deals
- Stores respond to consumer cutbacks after 3 years of price hikes
A Walgreens store in Oakmont, Pennsylvania, US, on Tuesday, Jan. 2, 2024. Photographer: Justin Merriman/Bloomberg via Getty Images
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(NewsNation) — Walgreens has become the fourth major retailer in recent weeks to announce widespread price cuts in its stores.
Under the title “Summer of Savings,” the drug and sundry chain says it’s lowering prices on more than 1,300 items ranging from vitamins to swimming goggles to potato chips.
“Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials,” Walgreens chief customer officer Tracey Brown said in a statement.
“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,” she added.
Target, Walmart, Michaels and Amazon recently announced price cuts on thousands of goods. The moves come after nearly three years of rising retail prices, while incomes have not kept pace.
That disparity has been reflected in some retailers’ sales numbers. Earlier this month, Lowe’s reported a 4.1% decrease in first-quarter sales, compared to the first three months of 2023. Macy’s reported a 1.2% decline in comparable sales.
Some other retailers are tying price cuts to loyalty incentives. Giant Food, the dominate grocery chain in the Mid-Atlantic region, recently dropped prices on its store-branded foods, and is offering shoppers double loyalty points on those items.