Wal-Mart will reduce prices by hundreds of millions of dollars this holiday season on items like lean ground beef, some board games, children's activity kits and Hot Wheels, says its chief merchandising officer, John Fleming. "This is going to be a difficult holiday. [Consumers'] wallets are challenged," he told analysts during the first day of the 16th annual analyst conference in Bentonville, Ark.
Shopping at Walmart stores saves the average American family about $3,100 per year, according to CMO Stephen Quinn. About 56% its U.S. customers were conscious of prices in 2006; 69% are price-conscious now.
Lana F. Flowers reports that future Walmart stores will be about 8% smaller and cost about 16% less to build, according to Fleming, though executives did not give base figures behind the percentages. It also is looking to build Hispanic format stores in the U.S., according to vice chairman Eduardo Castro-Wright, like the Supermercado concept that offers fresh food or the Mas Club warehouse concept in Houston.
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