The story at a glance
- Walgreens has announced price cuts on more than 1,300 products in a “Summer Savings” promotion.
- This makes it the fourth major retailer to announce price cuts in recent weeks.
- “Walgreens understands that our customers are struggling financially and have difficulty purchasing everyday necessities,” Walgreens chief customer officer Tracy Brown said in a statement.
(News Nation) — Walgreens has become the fourth major retailer to announce widespread price cuts in its stores in recent weeks.
Under the title “Summer of Savings” The pharmaceutical and general merchandise chain said it would cut prices on more than 1,300 items, ranging from vitamins to swimming goggles to potato chips.
“Walgreens understands that our customers are struggling financially and have difficulty purchasing everyday necessities,” Walgreens’ chief customer officer said. Tracy Brown said in a statement.
“We are reducing prices on over 1,000 additional products from October 2023 and remain committed to our customers,” she added.
Target, Walmart, Michaels and Amazon recently announced price cuts on thousands of products. The moves come after nearly three years of retail prices continuing to rise even as incomes have not kept up.
The difference is reflected in sales figures for some retailers: Earlier this month, Lowe’s reported a 4.1% drop in first-quarter sales compared with the first three months of 2023. Macy’s reported same-store sales fell 1.2%.
Some other retailers are pairing price cuts with loyalty incentives: Giant Foods, the largest grocery chain in the Mid-Atlantic region, recently cut prices on its own-brand foods and offered double loyalty points on purchases of those items.
