Walgreens said it would slash prices on 1,300 items across its drugstores, the latest big retailer to implement discounts as consumers become more choosy about where they shop in a time of unrelenting inflation.
Earlier this week, AmazonFresh announced it would slash prices by up to 30% on 4,000 grocery items that rotate weekly online and in stores, and last week, Target announced it would slash prices on 5,000 items across all of its stores.
Earlier this month, Walmart announced it would drastically reduce price increases on 7,000 items, noting that it has seen a recent surge in orders from more affluent shoppers struggling with rising prices of basic goods.
Walgreens on Wednesday announced price cuts on items including vitamins, feminine hygiene products, toothbrushes, pain patches, hand cream and mini pretzels.
Walgreens said customers who buy an 80-count container of One-a-Day Men’s & Women’s Gummy Vitamins can get them for $11.99 instead of the pre-discount price of $13.49, and a 20-count pack of Always Pads Mod Regular is now $6.99 after previously selling for $7.49.
Walgreens also reduced the price of its Clean & Clear Foaming Facial Cleanser from $7.99 to $6.99. The pharmacy chain also announced that it has reduced the price of its Nice! Mini Pretzels packs from $2.79 to $1.99.
“Walgreens understands that our customers are struggling financially and have difficulty purchasing everyday necessities,” said Tracey D. Brown, president of Walgreens Retail.
Last week, Target announced it would slash prices on thousands of household essentials, from diapers to pet food. This summer, Target shoppers can expect to see price cuts on items like meat, milk, soda, bread, fruits and vegetables, the retailer said.
The announcement comes just months after Target rolled out its “Great Deals” discount brand, which includes 400 home goods and essentials under $10.
Just days after announcing the discounts, Target said last week that its net sales fell 3.1% year over year and that same-store sales fell 3.7% quarterly, marking the fourth consecutive quarter of declines.
Meanwhile, Walmart Inc. reported a better-than-expected quarterly profit, but much of the growth was driven by the popularity of its e-commerce site and spending by wealthy customers.
The Arkansas-based retail giant announced earlier this month that it would slash prices on some products by up to 45%, including a 28-ounce can of Bush’s Baked Beans (down from $2.48 to $2.22) and a 24-pack of 12-ounce Diet Coke (down from $14.28 to $12.78).
Low- and middle-income Americans have become more frugal over the past year, leading companies like McDonald’s, Wendy’s and Burger King to roll out great value meal deals in hopes of luring them back into their restaurants.
Since President Biden took office in January 2021, food prices have increased by more than 21%.
Overall, inflation rose 3.4% year-on-year in April, with food prices now 2.2% more expensive than in 2023.
Walmart executives said more people are eating at home rather than going out to eat, and the company is confident the discounts will help its business for the rest of the year.
“We’re going to lead on price, manage our margins and continue to be the Walmart you’ve always known,” Chief Executive Officer Doug McMillon told analysts earlier this month.
Walgreens said it plans to introduce promotional campaigns throughout the summer, including the return of “myW Days,” where members receive exclusive offers and rewards.
Larger supermarket chains such as Aldi and Kroger have also announced similar deals.
