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Walgreens announces major price cuts
Walgreens is the latest retailer to announce major price cuts to thousands of items, in an effort to win back customers turned off by high prices.
On Wednesday, Walgreens announced that the company would lower prices on more than a thousand national and store brand products joining giants like Walmart, Target, Aldi, and Amazon Fresh who have been offering their own share of savings for customers.
But is this change a sign of slowing inflation?
"Now whether people are really seeing the savings is still undecided. When I look at the list of what the price reductions were at stores like at Target for instance, and they weren't huge. They were like 60 cents off a pack of goldfish," said consumer expert Andrea Woroch.
"I think a lot of these retailers now realize we went a little to far here and consumers have been stubborn themselves. They’ve been paying for these good and services but we’re coming to the end of the rope," said Paul Oster, the CEO of Better Qualified.
Grocer chain Aldi earlier in May touted a $100 million boost in savings for their customers by Labor Day, while Amazon Fresh said U.S. Customers can save 30% on thousands of grocery items every day.
Now Walgreens has shared in a statement: "Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials. We continue to be committed to our customers by lowering prices on over a thousand additional items."
But if prices are dropping, it could be more about the company's bottom line and marketing rather than their morals, according to Oster.
"Make no mistake about it. This is not because these big box retailers are feeling bad for us. Their sales are down. They need to do something, so cutting prices in the beginning of this is the exact way that they’re going," he said.