Kokomo Tribune; Kokomo, Indiana

Business

March 21, 2014

Wal-Mart's new tool gives competitors prices

(Continued)

The company built its business on offering the lowest prices on staples such as milk, bread and laundry detergent. But Wal-Mart's "every day low price" model is under attack from online king Amazon and other competitors that sometimes offer items cheaper. On top of that, the retailer's primarily lower-income customers continue to cut back on spending during the economic recovery.

As a result, Wal-Mart's U.S. discount division recorded its fourth consecutive quarter of declines in revenue at stores opened at least a year, a critical yardstick for measuring a retailer's health. The discounter also has seen a decline in the number of shoppers going to its stores.

Wal-Mart has had a price matching strategy for several years. In 2011, it simplified the policy by making sure workers have the advertised prices of competitors on hand at the register, eliminating the need for shoppers to bring in an ad from a rival store.

Wal-Mart said the idea for Savings Catcher was born last year during a focus group. The idea instantly resonated with the group, the retailer said, and by last summer, Wal-Mart was testing it in four markets on an invitation-only basis. In late February, the company began rolling it out to the seven markets that also include Charlotte, N.C., Huntsville, Ala., Minneapolis, and Lexington, Ky.

Here's how the tool works: A customer has to set up an account on Wal-Mart.com, then logs onto the Savings Catcher page on www.walmart.com/ and type in the number on their receipt. Shoppers need to register the number within seven days of purchase. Savings Catcher compares prices of every item on the receipt to a database of advertised prices of competitors. The database is provided by an undisclosed third party that analyzes retail ads.

Text Only | Photo Reprints
Business
  • Wall Street [Duplicate] US stock slip to start the week; Six Flags sinks NEW YORK (AP) — The stock market drifted lower to start the week as more companies lined up to post their quarterly earnings. Mounting tensions between Russia and the West over the downed plane in Ukraine also occupied investors' attention. KEEPING S

    July 21, 2014 1 Photo

  • Russia's Severstal selling US plants for $2.3B NEW YORK (AP) — Russian steel company Severstal is exiting the U.S. market, selling a pair of steel plants to AK Steel and Steel Dynamics for about $2.33 billion. Word of a possible sale began to circulate earlier this year as the West threatened san

    July 21, 2014

  • BIZ - KT072014 - Ford acquisition - secondary pic Howell acquires Kokomo Ford franchise rights A few years ago, the owners of Brad Howell Ford and Kokomo Auto World threw around the possibility of Howell acquiring Kokomo’s Ford franchise rights from the latter, but things didn’t work out. The conversation was rekindled over the holidays during

    July 20, 2014 2 Photos

  • Wall Street [Duplicate] US stocks trading higher on company earnings Stocks headed for a higher close late Friday afternoon, rebounding on a wave of strong corporate earnings from Google, Honeywell and other big companies. Bank holding company Huntington Bancshares and furniture maker Knoll were among the big gainers.

    July 18, 2014 1 Photo

  • Indiana jobless rate up slightly to 5.9 percent INDIANAPOLIS (AP) — Indiana's unemployment rate rose slightly to 5.9 percent in June, marking the state's first increase in almost two years. Figures released Friday by the state Department of Workforce Development show Indiana's jobless mark went up

    July 18, 2014

  • Microsoft to cut up to 18,000 jobs over next year REDMOND, Wash. (AP) — Microsoft says it will eliminate up to 18,000 jobs over the next year as it works on integrating the Nokia devices business it bought in April. With the Nokia deal, Microsoft's employee headcount rose from about 99,000 last year

    July 17, 2014

  • General Motors Congress [Duplicate] Senate panel examining role of GM legal department WASHINGTON (AP) — A Senate panel will pose questions to a new set of key players Thursday as it delves deeper into General Motors' delayed recall of millions of small cars. GM CEO Mary Barra will certainly be asked about how she's changing a corporat

    July 17, 2014 1 Photo

  • Wall Street [Duplicate] US stocks up in afternoon trading on earnings news Strong company earnings helped edge U.S. stocks higher in afternoon trading Wednesday, on pace to bounce back from a mixed finish a day earlier. Investors also welcomed news that Time Warner received a takeover offer from Twenty-First Century Fox, th

    July 16, 2014 1 Photo

  • Maine lobster fishing season off to slow start ROCKLAND, Maine (AP) — The cold winter is still being felt in the waters off Maine, where the nation's largest lobster fishery is off to a slow start. The season typically picks up after the bulk of the lobster population sheds its shells and reaches

    July 16, 2014

  • GM proposes $27 million Bedford plant investment BEDFORD (AP) — General Motors has proposed investing $27 million at a southern Indiana casting plant for machinery, equipment and tooling needed to produce aluminum engine blocks. The automaker filed a tax abatement request for the Bedford factory pr

    July 16, 2014

Latest news
Featured Ads
Only on our website
AP Video
Judge Ponders Overturning Colo. Gay Marriage Ban Airlines Halt Travel to Israel Amid Violence NYPD Chief Calls for 'use of Force' Retraining VA Nominee McDonald Goes Before Congress Bush: Don't Worry, Sugarland Isn't Breaking Up US Official: Most Migrant Children to Be Removed Police Probing Brooklyn Bridge Flag Switch CDC Head Concerned About a Post-antibiotic Era Raw: First Lady Says `Drink Up' More Water Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City Diplomatic Push Intensifies to End War in Gaza Cat Fans Lap Up Feline Film Festival Michigan Plant's Goal: Flower and Die Veteran Creates Job During High Unemployment
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries
Poll
Kelly Lafferty's video on Tom Miller