Walmart says it is offering most of the same Black Friday “doorbuster” deals online and in stores for the first time and giving online shoppers an early jump on the sales.
The world’s largest retailer is heading into the holiday season with a turnaround plan after being battered by the economy and tough competition. Walmart’s U.S. CEO Greg Foran is spearheading a major overhaul of the stores that includes basics like making sure stores are cleaner and well stocked.
The busy shopping day after Thanksgiving Day known as “Black Friday” has been encroaching on the holiday in recent years. But, this year Walmart is giving those who would rather shop on their couch in PJs more access to Black Friday sales. Most — about 96% — of deals offered the holiday will be offered both online and in stores.
That’s up from 90% last year.
The company will also be offering all the deals at one time, rather than spreading them out for limited times at different parts of the shopping day.
“Customers today are bombarded with different messages and different offers,” said Steve Bratspies, chief merchandising officer of Walmart U.S., at a media event at its store in Secaucus, New Jersey on Wednesday. “We’re moving to one event to make shopping easier.”
The two-month November and December shopping period is a crucial time for retailers because it accounts on average for 20% of the retail industry’s annual sales.
Bentonville, Arkansas-based Walmart offered a disappointing forecast in October, predicting revenue for the current fiscal year would be flat, down from its previous forecast for sales growth of 1% to 2%. And it said it expected profit to fall as much as 12%$ for next fiscal year as spending on ecommerce operations and higher wages squeeze the bottom line.
