Walmart has revealed that it is aiming to reduce its grocery prices by a total of US$1bn across the US, in a bid to draw in shoppers with low prices and then convert them to other non-food categories.
The retailer's chief merchandising officer Doug Mac Naughton told the Toronto-basd CIBC conference this week that the cuts would be made to food and consumbale products, Planet Retail reported.
Mac Naughton said that all price reduction would be funded by 'productivity improvements' and expense savings'.
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