Wal-Mart launches holiday price-reduction program

Bentonville, Ark. Wal-Mart Stores has launched its holiday price-cuts program. Starting Wednesday, Oct. 21, and lasting through the holiday period, the chain will announce new pricing reductions each week, beginning with select items in groceries and entertainment.

"Many of these prices represent the lowest we've offered in years, because we know these are tough times for American families,” said Eduardo Castro-Wright, vice chairman, Wal-Mart Stores. "We made a purposeful decision to focus initially on everyday staples as well as items that often require larger spending commitments in preparation for Thanksgiving and Christmas.”

Among the price reductings starting this week are rolls of 73% lean ground beef, $1.25 per pound (26% savings); bananas, $0.39 per pound (27% savings); and select board games, kids activity kits and Hot Wheels sets, $15 (17% to 25% savings).