One of the nation’s leading retailers is driving the prices down.
Walmart recently announced plans to cut apparel prices in an effort to eliminate excess inventory. The moves come as inflation takes center stage across the globe.
Walmart cited a shift in consumer habits as shoppers focus on buying food rather than clothes.
Currently, in Walmart’s fashion section of its website, you can find savings of up to 60%.
According to a CNN report this week, Walmart is also laying off about 200 company employees.
“Rising levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress eliminating hardline categories, apparel at Walmart US requires more markdown dollars,” said Doug McMillon, president and CEO of Walmart Inc., in a press release.
Walmart isn’t the first retailer to take this approach to fighting inflation.
Earlier this year, Target announced a similar price cut plan to fight inflation. Target also cited a shift in shoppers’ spending habits due to rising costs for food and other non-discretionary items.
Walmart did not specify exactly how many stocks will be marked down or how long the price cuts will last.
The company currently operates 62 stores in New Jersey and more than 3,500 nationwide.
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