Michaels defies inflation, cutting prices on over 5,000 items, seeing ‘constant rollbacks' for next 6 to 12 months [Fortune]
Walmart Inc. (WMT)
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Source: Fortune
In mid-April, the arts and crafts chain said it lowered the cost of more than 5,000 items, with discounts ranging from 15% on frequently bought items such as paint, markers, and pens to 35% for canvases and 40% for T-shirts. John Gehre, chief merchandising officer at Michaels, told Retail Brew that customers will see “constant rollbacks…over the next six months to a year.” He also stressed that the cuts were not part of a limited promotional cycle, but rather a lasting strategic shift. “This is more of a permanent approach,” he said. “When I think about a promotional cycle, I think of an event, a week, two weeks, three weeks, something along those lines. This is a more long-term strategy we want to put in place.” Joining the deflators While inflation is still rising above 3% across the economy, the chain isn't alone in deflating the cost of some items. In its most recent earnings call in February, Walmart CEO Doug McMillon said general merchandise prices were below where th
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