Walgreens Joins Growing List of Retailers Cutting Prices To Win Back Customers

Shares of $Walgreens Boots Alliance(WBA.US)$ fell over 3% Wednesday after the pharmacy retailer announced plans to join the growing list of retailers cutting prices to win back customers who have changed their shopping habits to deal with inflation.

Walgreens Launches Summer Savings
Walgreens said it was starting its "Summer of Savings" with plans to cut prices on more than 1,300 products across the country.

"Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials," Walgreens Chief Customer Officer Tracey Brown said. "We continue to be committed to our customers by lowering prices on over a thousand additional items, something we’ve been doing since October of 2023."

In its last earnings report in late March, Walgreens said it was operating in a "challenging retail environment" as retail sales declined 4.5% from the year-ago period.

Joining the Trend of Retail Price Cuts
In recent weeks, some of the largest retailers in the U.S., including $Target(TGT.US)$ and $Walmart(WMT.US)$ , announced price cuts on some items. Target said it would lower prices on about 5,000 popular products over the summer.

Walmart said in its latest earnings call that it rolled back prices on around 7,000 items, and also launched a private food line called "bettergoods," with most items under $5.