Walgreens has become the latest retailer to try to attract customers with new deals, slashing prices on 1,500 items.
The cuts will affect everything from snacks to toiletries and even Squishmallows, Walgreens announced Wednesday, following the lead of other major brands, including Amazon, Walmart, Target and Aldi, which have reduced their prices in recent days.
A jar of One A Day gummy vitamins will now cost $11.99, down from $13.49, while the price of a bag of sour cream and onion crisps from Walgreens-owned Nice. The brand now costs $1.99, down from $2.79. The price of a 16-inch Squishmallow plush has gone from $24.99 to $20.
Brand-name and private label products, including Walgreens' health and wellness, personal care and seasonal lines, are also included in the price cuts. The price cuts will apply in stores and online.
“Walgreens understands that our customers are under financial pressure and struggling to purchase everyday necessities,” said Tracey D. Brown, Walgreens retail president and chief customer officer. “We remain committed to our customers by lowering prices on more than a thousand additional items, something we have been doing since October 2023.”
Walgreens, which operates nearly 9,000 stores across the United States, has been cutting prices since October.
The move comes after brands including Amazon, Walmart, Target and Aldi announced they were cutting prices to boost sales amid persistent inflation.
Target announced plans last week to reduce prices on 5,000 popular items over the summer, from everyday grocery items to household staples.
Amazon Fresh is also discounting 4,000 items, both brand-name and own-brand, up to 30 percent in its online and in-person stores.
This will include frozen foods, seafood, meats and pastas, although selections will rotate weekly, according to CNN.
Meanwhile, Walmart has reduced prices on nearly 7,000 products across all food categories, Walmart US CEO John Furner said on an earnings call this month, although he did not specify which products were reduced. They have reduced prices.
Aldi also announced plans earlier this month to reduce prices on more than 250 items, including meat, frozen foods and snacks. The discount supermarket chain said it expected the decision to “carry over $100 million in savings through Labor Day.”
The Biden administration has been pressuring retailers to lower their prices amid persistent inflation in recent years. Following Target's announcement, the White House tweeted: “President Biden called on grocery chains making record profits to lower prices for consumers, and they are answering the call.”
Consumer costs are 20 to 30 percent higher than three years ago, according to CNN, 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, presenting a challenge for retailers.
“There are simply fewer dollars for consumers to spend,” he said, adding that retailers must now shake consumers out of their frugal mindset.
