Walmart Will Not Compete With Amazon Prime Day, Adds More Rollbacks and Clearance Instead
Walmart will not hold its mega sale competing event to Amazon’s Prime Day this year.
CBNC reports that while the big box retailer is not dedicating a pure sales event, clearance signs are abundant throughout stores and Rollbacks, Walmart’s 90-day price cuts, have amassed on the site. Everything from bicycles to air fryers and in between is on sale.
“You go in stores now, it’s almost like Prime Day in some of these categories,” Rupesh Parikh, a senior analyst for Oppenheimer & Co. told CNBC.
Retailers are suffering from post-pandemic excess inventory, the volume of which has increased by fears of recession and inflation, both of which are dampening consumer spending.
These companies include Target, which said in June that it was overstocked and in turn, lowered its financial guidance. Like Walmart, Target is planning, “additional markdowns, removing excess inventory and canceling orders,” according to a press release at the time. Target will, however, still be going up against Prime Day.
Amazon’s Prime Day will be on July 12 and 13 and a slew of other retailers are still going ahead with their own overlapping sales events. Target is hosting Deals Days July 11-13, Best Buy is having a Black Friday in July Sale also July 11-13, while Macy’s Black Friday in July is July 6-11.
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