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 of retail store 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 what people want, when they need it," said John Fleming, Wal-Mart's chief merchandising officer.