Wal-Mart Stores Inc will be introducing new rounds of price cuts every week until Christmas as the world’s largest retailer reaches out and appeals to cash-strapped shoppers looking to stretch their holiday budgets.
As part of what it is calling “Operation Main Street,” Wal-Mart will be slashing prices on thousands of items that it says are “vital” to the holiday season, like food and toys.
The move will build on price cuts the discount retailer implemented in October when it offered 10 popular toys for $10 each.
“It’s very much along those same lines, only it takes the intensity up massively,” Stephen Quinn, Wal-Mart’s chief marketing officer, told Reuters, referring to the new price cuts.
Wal-Mart’s sales have been outperforming many of its competitors this year as U.S. shoppers — pressured by high food and fuel prices, declining home values, extremely tight credit, and a weak jobs market — flock to its stores in search of bargains.
At its analyst meeting last week, Chief Executive Officer Lee Scott stressed that “Christmas will come on Dec 25″ despite the economy and said that Wal-Mart will have the best prices in the market for the holiday season.
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