Retail analyst IGD has predicted that under the new leadership of Doug McMillon as CEO at Walmart, a number of key initiatives will be accelerated – with a focus on price leadership one of the retailer’s top priorities in 2014.
Against a challenging economic backdrop in 2013, driving traffic and positive comparable store sales has been the number one priority for Walmart, according to IGD. In order to achieve this, the world’s biggest retailer has focused even further on price and implemented EDLP (Every Day Low Prices) across the entire basket to drive price leadership.
This holiday season is set to be the most competitive yet and a critical one for Walmart. The retailer has planned its biggest promotional package ever, announcing that it will match competitors’ Black Friday specials one week early. Walmart has lowered its prices on popular toys and electronics to match selected Black Friday deals from Best Buy, Target and Toys ‘R Us, and has also extended its Christmas Ad Match promotion to Walmart.com.
According to IGD, winning on price will become even more important to Walmart in 2014 as digital and mobile continue to accelerate. However IGD notes that through Walmart’s investment in price intelligence tools, which enable the retailer to know where it stands online from a pricing perspective, the groundwork has already been set for Walmart to deliver and win in this area.
McMillon has previously been President and CEO of Sam’s Club, Walmart’s best performing pision through its commitment to delivering the best prices in the marketplace, and has proven that a successful pricing strategy is clearly key to winning the retail race.
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