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At Wal-Mart, Watch Out For More Falling Prices
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Published: January 30, 2008
Wal-Mart said Tuesday that it will discount some products as much as 30 percent as it aims to lure customers by under-pricing rivals. Price reductions will be available on thousands of items, including food, televisions, gym equipment and home products.
Wal-Mart is marketing itself as the lowest-cost retailer for groceries, drugs and consumer electronics after an attempt to boost sales with designer items at higher prices in 2006 trailed the company's expectations. More aggressive price-cutting worked for Wal-Mart during the holiday shopping season, helping the retailer outpace rival Target.
"It's an especially daring strategy considering most of their competition is passing through the food inflation to the consumer," said Patricia Edwards, a Seattle-based portfolio manager at Wentworth, Hauser & Violich.
"What Wal-Mart is doing is taking mindshare; when you think of saving money, who comes to mind?"
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