One of the nation’s leading retailers is rolling back prices.
Walmart cited a shift in consumer patterns, as shoppers are focusing on buying food rather than clothes.
According to a CNN report this week, Walmart also is laying off about 200 corporate employees.
“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars,” Doug McMillon, Walmart Inc. president and CEO, said in a press release.
Walmart isn’t the first retailer to take this approach to combat inflation.
Earlier this year, Target announced a plan to cut prices in a similar fashion to fight inflation. Target also cited a shift in shoppers’ spending habits because of the rising costs of food and other non-discretionary items.
Walmart did not specify exactly how much inventory will be marked down or how long the price cuts would last.
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