Walmart Tells Suppliers No to Higher Price
Credit : getty images
Author - joshai
The economy is slowing down, Walmart's CEO has warned retailers that the company has begun to increase prices.
According to a report from The Wall Street Journal, which cites reports from an address to suppliers that were delivered in the month of October by the Chief of Staff Doug McMillon.
The CEO said that the most innovative products will convince customers to spend more money.
The report reveals that competitors such as Target and Amazon have adopted a similar strategy, with big retailers cutting off orders by not allowing price hikes and even asking suppliers for discounts
It is the fastest boomerang in giving power back to retailers that I've ever seen,
SPS Commerce CEO Archie Black, whose firm serves as a mediator between manufacturers and retailers said to the WSJ
Walmart will announce its third quarter earnings on November. 15. Analysis of earnings before the release by Seeking Alpha found that "[Walmart] is better positioned to weather the uncertainties ahead