Walmart (WMT) is setting up a shopping sales showdown with Amazon (AMZN) ahead of the Prime Day event this week.
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The retail giant is ramping up its Walmart Deals event from four days last year to six this year starting online and in stores on July 8. It is the first time Walmart Deals will be available in both channels.
Discount Dollars
Amazon’s Prime Day deals event also begins tomorrow but only lasts until July 11, giving Walmart some crucial time to snaffle those eager discount dollars.
Walmart said its sales cover thousands of products from technology to back-to-school supplies, fashion and toys. It said giving customers both online and in-store access provides more flexibility for shoppers and that its app and AI-powered website would allow customers to “find what they need faster.”
According to the Walmart website, hot picks include a 32-inch Samsung Smart Monitor for $199, down from $299.99, a Seiko Automatic Blue Dial Stainless Steel Men’s Watch for $125 down from $196.20 and a blink-and-you’ll-miss-it 55-inch DIY Gingerbread House for $100.
Sales Frenzy
It’s not just Walmart challenging Amazon with discount deals at a time when consumer confidence is wavering and the economic outlook looks mixed.
TikTok Shop is holding its Deals For You Days event for 13 days this summer, up from nine in 2024. Dick’s Sporting Goods (DKS) is holding a first-of-its-kind digital Deal Days for four days.
The deals blitz is working. Similarweb (SMWB) data shared with website Modern Retail showed that 53.4% of consumers plan to browse retailers other than Amazon during Prime Day.
“It’s advantageous for retailers to keep up with Amazon, because we’re in a very price-sensitive environment right now,” said Stephanie Cegielski, vp of research and public relations at the International Council of Shopping Centers as reported by Modern Retail. “Consumers are already looking for deals, and they will look across multiple retailers for those. If they can find those, it’s a win for them and a win for the retailer.”
Is WMT a Good Stock to Buy Now?
On TipRanks, WMT has a Strong Buy consensus based on 29 Buy and 1 Hold ratings. Its highest price target is $120. WMT stock’s consensus price target is $110.41 implying a 12.62% upside.
