Wal-Mart announced Tuesday that it will chop prices between 10 to 30% this week on groceries, electronics and other home-related products in an effort to keep its cash-strapped consumers excited about shopping.
While its rivals, including Target, have seen sales decelerate dramatically in recent weeks from a consumer spending slowdown, Wal-Mart has been benefiting from more shoppers trading down to its discount stores.
The world's largest retailer recently reported that its December same-store sales rose 2.4%, which was at the high-end of its expectations for the month.
Same-store sales, a key gauge ofstore performance, tracks sales at stores open at least a year.
"We all know economic times are tough so our plan is to help with added savings throughout the year, focusing especially on whatwant, when they need it," said John Fleming, Wal-Mart's chief merchandising officer.