Walgreens is cutting prices on 1,300 items, joining other retailers in stepping up discounts
Walgreens said Wednesday it is lowering prices for the summer and beyond on 1,300 items, including snacks and feminine products, joining Michaels, Target and other retailers looking to cater to inflation-weary consumers.
Retailers have rolled out price cuts — some permanent, others temporary — with the stated aim of giving their customers some relief. The reductions are being introduced as inflation showed its first sign of easing this year but not enough for consumers who are struggling to pay for basic necessities as well as rent and car insurance.
Walgreens is rolling out lower prices on products such as vitamins, tampons, facial cleanser, lotion, box fans and chips to help "customers are under financial strain and struggle to purchase everyday essentials, Tracey Brown, Walgreens chief customer office, said in a statement.
Walgreens is the nation's second largest retail pharmacy with 9,000 locations across the U.S. and Puerto Rico that serve almost 9 million people daily.
"Through myWalgreens loyalty program, our more than 110 million members receive personalized offerings daily. Listening to our customers and offering quality products, value, and convenience every day is our continued commitment," she said.
Other major retailers are moving to ease costs for consumers:
- Earlier this month, Target said it planned to slash the price of bread, coffee, diapers and thousands of other everyday items this summer. The company decided to cut its prices because "consumers are feeling pressured to make the most of their budget," Executive Vice President Rick Gomez said in a statement.
- In April, grocery chain Giant Food, which has 164 locations across Delaware, Maryland, Virginia and Washington, D.C., also cut the price on hundreds of its private-label items. Arts supply retailer Michaels lowered prices in April, slashing the cost of paint, markers, pens and other products.
- Amazon Fresh, the grocery store arm of Amazon, said on May 24 it's cutting prices on 4,000 items and customers will save up to 30% in-store and online. The price reductions will rotate every week between beverages, dairy, frozen food, meat and seafood, Amazon said.
Retailers are lowering prices as the U.S. economy shows signs of slowing. Although inflation continues to ease and overall consumer spending has remained solid this year, recent economic signals suggest Americans are becoming more frugal. The median rise in monthly household spending in April fell to 4.6%, the lowest reading in three years, according to data from the Federal Reserve Bank of New York.
The pullback in spending by budget-conscious consumers is also affecting other industries, including fast food giant McDonald's and casual-dining chains such as IHOP and Applebee's.