cloudy.png
Saturday December 3rd, 2022 4:23PM

Walmart, Target begin holiday early to ease inflation sting

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) —

Walmart and Target plan to begin offering deals and price matching offers earlier this year to keep up with Americans pressed by soaring inflation and looking for ways to ease the potential sting of holiday shopping.

Inflation that is hovering near four-decade highs, experts believe, could push families to get an earlier start on shopping with hopes of avoiding even higher prices later.

The holiday sales strategies, announced on Thursday, come amid what is expected to be slower holiday sales growth compared with a year ago. AlixPartners, the global consulting firm, forecasts that holiday sales will be up anywhere from 4% to 7%, far below last year's growth of 16%. The current inflation rate of 8.3% means retailers would see a decrease in real sales.

Walmart, the nation's largest retailer, is also expanding the window for returns by more than a month. Gift returns will now be accepted between Oct. 1 and Jan. 31, compared with last year's return window of Nov. 1 to Jan. 24, the company said.

Walmart, based in Bentonville, Arkansas, is offering a wider assortment of items this year with more new brands and more Walmart-exclusives than a year ago, according to Tom Ward, the company's chief e-commerce officer. The company is deepening discounts on such items as toys, home goods, electronics and beauty. It said that more than half the toys on Walmart’s list of expected hot holiday toys are under $50 – with many under $25 — and nearly all of the toys are available to shop now or through pre-order on walmart.com.

Target, based in Minneapolis, said will begin offering holiday deals between Oct. 6 and Oct. 8, a few days earlier than a year ago and it will begin price matching then, also a couple days early.

Target has one of the most generous price-matching offers in retail, countering offers from more than two dozen other stores. That also applies to purchases at Target.com.

Target plans to hire up to 100,000 seasonal employees in stores and distribution centers this holiday season, in line with a year ago.

Walmart is taking a more cautious hiring approach this year, saying this week that it would hire 40,000 U.S. workers for the holidays, a majority of them seasonal workers.

Last year, Walmart said it would hire roughly 150,000 new U.S. store workers, most of them permanent, full-time positions, on top of 20,000 permanent distribution and warehouse workers as the pandemic disrupted supply chains.

______

Follow Anne D’Innocenzio: http://twitter.com/ADInnocenzio

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
UK government lifts fracking ban despite opposition
Britain’s government has confirmed it is lifting a ban on fracking in England, arguing that the move will help boost the country’s energy security following Russia’s invasion of Ukraine
7:26AM ( 7 minutes ago )
Walmart, Target begin holiday early to ease inflation sting
Walmart and Target plan to begin offering deals and price matching offers earlier this year to keep up with Americans pressed by soaring inflation and looking for ways to take the sting out of holiday shopping
7:25AM ( 9 minutes ago )
Turkish central bank lowers interest rate to 12%
Turkey’s central bank has delivered another interest rate cut and lowered the benchmark rate by 1 percentage point to 12%
7:21AM ( 12 minutes ago )
Associated Press (AP)
UK government formally confirms lifting of fracking ban
Britain’s government has formally confirmed it is lifting a ban on fracking in England, arguing that the move will help boost the country’s energy security following Russia’s invasion of Ukraine
6:14AM ( 1 hour ago )
Swiss central bank enacts biggest-ever hike to key rate
Switzerland’s central bank has carried out the biggest hike ever to its key interest rate
6:07AM ( 1 hour ago )
France wants to boost renewable energy, now lagging behind
President Emmanuel Macron is set to unveil a plan to boost renewable energy in France including offshore wind farms and solar power
5:59AM ( 1 hour ago )
AP Business
UK businesses laud energy relief, but costs still a struggle
Pubs, restaurants, breweries, retailers and other businesses across the United Kingdom are being pushed to the brink by skyrocketing energy bills
2:24AM ( 5 hours ago )
Asia stocks follow Wall Street down as Fed fights inflation
Asian stock markets have followed Wall Street lower after the Federal Reserve delivered another big interest rate hike and raised its outlook for more to cool galloping inflation
1:47AM ( 5 hours ago )
Powell's stark message: Inflation fight may cause recession
The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession
12:01AM ( 7 hours ago )
AP Business - Economy
UK government lifts fracking ban despite opposition
Britain’s government has confirmed it is lifting a ban on fracking in England, arguing that the move will help boost the country’s energy security following Russia’s invasion of Ukraine
7:26AM ( 7 minutes ago )
Turkish central bank lowers interest rate to 12%
Turkey’s central bank has delivered another interest rate cut and lowered the benchmark rate by 1 percentage point to 12%
7:21AM ( 12 minutes ago )
Fugitive in massive Navy bribery case caught in Venezuela
A Malaysian defense contractor nicknamed “Fat Leonard” who orchestrated one of the largest bribery scandals in U.S. military history has been arrested in Venezuela
7:15AM ( 18 minutes ago )
Bank of England rate hike avoids more aggressive step
Britain’s central bank has raised its key interest rate by another half-percentage point, avoiding more aggressive steps to tame inflation that the U.S. Federal Reserve and other banks have taken
7:10AM ( 23 minutes ago )
Turkish lira hits record low before central bank meeting
Turkey’s currency has fallen to a record low against the dollar before a central bank meeting on interest rates
6:57AM ( 36 minutes ago )