BENTONVILLE, Ark. -- With pricing studies, such as this one, revealing little difference between Walmart and Target, Walmart is looking to distinguish itself from the competition. The retailer announced that it is reinvigorating its price leadership promise, bringing back products its customers have asked for and simplifying its ad match policy.
"Walmart's reputation was founded on the principle of providing low prices day-in and day-out on the broadest assortment of merchandise," said Duncan Mac Naughton, chief merchandising officer for Walmart U.S. "Our company is determined to create the best one-stop shopping experience and low prices on the right products backed by a clear, consistent ad match policy."
In order to provide the best value to its customers, Walmart said its store managers and product buyers are checking the competition more often to help ensure its stores offer lower prices on the right mix of items. In addition, Walmart said it will work more closely with suppliers to lower the cost per item and pass those savings on to customers.
Walmart has also simplified its ad match policy by no longer requiring customers to bring in a competitor's advertisement. If customers find a lower advertised price, Walmart said it will match it at the register. To ensure this policy is enforced, Walmart has implemented additional training for associates.
The company is looking to appeal to more customers by broadening product assortment by approximately 8,500 items or 11% in an average store. According to Walmart, these assortment changes will bring back customers' favorite local food and consumables, among other products. Additions to dry grocery aisles have been in progress, the company said, and over the next few months new products to fresh grocery and consumables will be added, and general merchandise categories will expand later this year.
Walmart said it will help customers identify these items with new "It's Back" flags on store shelves later this month. In addition the company is launching a national television advertising campaign, which Walmart said will help customers better understand its low price promise and Ad Match Guarantee on the widest assortment of products.