In an effort to recover its lost customers and sales, Wal-Mart has announced that it will be bringing back those previously retailed low priced products which became absent for years from the stores’ display
In accordance with the announcement, Wal-Mart has emphasized the significance of this action by adding a new tagline to its slogan. The new tagline basically says that Wal-Mart offers low prices on everything, everyday. Thousands of these products are one of the lowest-priced grocery items there are, and the company hopes that customers will be drawn back in by these products. Among the said items include Hellman’s mayonnaise and Glade and Febreze products.
During the previous year, in the grocery battle for providing the lowest prices, Wal-Mart lost a significant number of its customer base to Target, its main rival. The company executives admitted that the significant losses were a result of faulty strategy. Wal-Mart has started doing some damage control, starting with establishing a clearer communication and finding out what exactly it is that shoppers want.
The company’s chief officer for merchandising, Duncan MacNaughton, said that what the customers want nowadays are one-stop stores that offer products at its lowest prices. To address that, Wal-Mart has started making additions to some of its stores. For instance, Wal-Mart stores in Central Florida are increasing its seafood supply and in its Minneapolis stores, Wal-Mart has added ice fishing as well as ice hockey products.
Ultimately, what the company aims by bringing back these low priced products is to provide customers with more choices and the least expensive products.