WALGREENS announced price cuts on 1,300 products following similar moves by Target and Walmart.
Customers will also be able to sign up for exclusive offers.
Walgreens announced it is slashing prices and launching a series of promotions throughout the summer to attract cash-strapped customers.
The drugstore chain will offer discounts on 1,300 national and private label products.
What’s more, it’s bringing back Walgreens myW Days, offering exclusive deals to myWalgreens members.
Since the chain introduced its loyalty program in 2020, it has accumulated 110 million members.
myWalgreens embers will see these exclusive deals available in July.
The announcements came after Walgreens bosses warned that shoppers now have less disposable income than before.
Global Chief Financial Officer Manmohan Mahajan told analysts during a second-quarter earnings call that they observed a “shift in drug channel discretionary spending as consumers seek value.”
Sales at Walgreens retail stores that have been open at least a year fell 4.3% in the quarter.
In a statement, Tracey D. Brown, president of retail products and chief customer officer, said: “Walgreens understands that our customers are under financial pressure and struggle to purchase everyday essentials.
“We remain committed to our customers by reducing prices on over a thousand additional items, something we have been doing since October 2023.”
RACE TO THE BOTTOM?
Walgreens is just the latest major retailer to announce a massive wave of price cuts.
Target has revealed plans to reduce prices on 5,000 products by the end of the summer.
Customers can expect cheaper stickers for essential items like milk, peanut butter and bread.
CEO Brian Cornell says consumers are proving brave in the face of inflation, even though sales were down at Target during the first three months of 2024.
Walgreens understands that our customers are under financial pressure and struggle to afford everyday essentials.
We remain committed to our customers by reducing prices on over a thousand additional items, something we have been doing since October 2023.
Tracey D. Brown, President of Retail Products and Chief Customer Officer, Walgreens
He told analysts: “Consumers continue to display a high degree of resilience in the face of multiple challenges, including rapidly rising prices and interest rates in recent years.”
Meanwhile, Walmart said on May 16 that it had reduced prices on nearly 7,000 items.
“Our combination of everyday low prices with a large number of reversals is resonating” with shoppers, Walmart CEO Doug McMillon said on a conference call with analysts.
Meanwhile, Dollar Tree acquired 170 99 Cents Only stores.
And Trader Joe’s is opening 26 new locations.
This story originally appeared on The-sun.com read the full story
