Wal-Mart promotes price-cutting strategy

BENTONVILLE, Ark. Wal-Mart announced today that it has introduced a new program that will cut prices on more than 16,000 products across all stores, with a focus on top brands for back-to-school needs. The company also said today that it will debut a new ad campaign this week to address the importance of saving money as gas prices remain high and as kids head back to school.

According to Wal-Mart, the price-cutting plan was internally dubbed "Operation Unbeatable" and was initially launched just before July 4th, with reduced prices on top brands and foods for the July 4 Holiday.

"We know it's tough right now and Americans are looking to us to provide the best value, and we will. Let there be no doubt -- we mean business when it comes to price leadership," said Bill Simon, evp and coo of Wal-Mart Stores, U.S. "We'll provide families savings where it counts, and continue to work closely with key suppliers, reduce packaging and lower shipping costs as we steer this program through fall and beyond."

In order to draw attention to its new savings strategy, Wal-Mart said it has put up bright in-store signage at its stores and designed a new circular to alert shoppers to price cuts. Examples of price reductions include, $1 for 4 wide ruled notebooks, $5 for a backpack and $10 for a Texas Instrument calculator.