Walgreens is the latest retailer to try to attract customers with new offers, slashing prices on 1,500 items.
The cuts will affect everything from snacks to toiletries to Squishmallows, Walgreens announced Wednesday, following the lead of other major brands such as Amazon, Walmart, Target and Aldi, all of which have slashed prices in recent days.
A jar of One A Day vitamin gummy bears now costs $11.99 (was $13.49), while a bag of sour cream and onion potato chips from Walgreens’ Nice! brand now costs $1.99 (was $2.79). The price of a 16-inch Squishmallow plush toy has increased from $24.99 to $20.
The price reductions also affect branded and private label products, including Walgreens health and wellness products, personal care products and seasonal products. The price reductions apply in stores and online.
“Walgreens understands that our customers are under financial pressure and are struggling to purchase everyday necessities,” said Tracey D. Brown, Walgreens’ retail president and chief customer officer. “We remain committed to our customers by reducing prices on over a thousand more items, which we have been doing since October 2023.”
Walgreens, which operates nearly 9,000 stores in the U.S., has been cutting prices since October.
The move comes after brands like Amazon, Walmart, Target and Aldi announced they would cut their prices to boost sales amid ongoing inflation.
Target last week announced plans to slash prices on 5,000 popular items over the summer, from everyday groceries to home goods.
Amazon Fresh also offers discounts of up to 30 percent on 4,000 items – both branded products and own brands – in its online and stationary stores.
These include frozen foods, seafood, meat and pasta, with the selection changing weekly, according to CNN.
Meanwhile, Walmart has cut prices on nearly 7,000 products across various grocery categories, Walmart US CEO John Furner said on a conference call this month. However, he did not provide details on which products the price cuts were made.
Aldi also announced plans earlier this month to cut prices on more than 250 items, including meat, frozen foods and snacks. The discount supermarket chain hopes the decision will “result in $100 million in savings by Labor Day.”
With inflation continuing, the Biden administration has been putting pressure on retailers to lower their prices in recent years. Following Target’s announcement, the White House tweeted: “President Biden has called on grocery chains making record profits to lower prices for consumers – and they are heeding that call.”
According to CNN, consumer costs are 20 to 30 percent higher than they were three years ago, and inflation is still above pre-pandemic levels.
Sarah Wyeth, managing director of retail and consumer at S&P Global Ratings, told CNN that revenues have not increased in line with price increases, posing a challenge for retailers.
“Consumers simply have less money to spend,” she said, adding that retailers must now shake consumers out of their frugal mentality.
