Wal-Mart Cuts Prices as Rebates Roll In

Reuters,

Posted: 2008-06-11 16:26:35

NEW YORK (April 29) - Wal-Mart Stores Inc said on Tuesday that it would cash U.S. tax rebate checks for free in its U.S. discount stores, with no purchase required.

The world's biggest retailer also said it had cut prices in its stores on key grocery and consumable items, like shampoo, lunch meats and cereal, to coincide with the distribution of the rebates.

Retailers Want Your Tax Rebate

Wal-Mart joins a growing list of retailers trying to get a piece of the rebate checks being distributed to millions of taxpayers as part of a $152 billion economic stimulus plan. The world's largest retailer is cutting prices on key grocery and consumable items like cereal, lunch meats and shampoo and said that it would cash rebate checks free of charge.

Chris Hondros, Getty Images

Supervalu, which owns Albertsons, Cub Foods, Shop 'n Save and other stores, said customers can redeem checks for store gift cards in $300 increments, and stores will add an extra $30 to the card.

Paul Sakuma, AP

The Kroger's supermarket chain, which includes Ralph's, King Soopers and more than a dozen other groceries, will convert tax refunds and rebate checks to store gift cards with 10 percent more credit added.

Al Bohrman, AP

Sears and sister company Kmart are offering shoppers the same 10 percent deal. For example, a $300 tax rebate check could be converted into a $330 gift card from Sears or Kmart.

Justin Sullivan, Getty Images

Home Depot recently partnered with a Washington state lawmaker to encourage consumers to put their tax rebates toward energy-efficient products in their homes. Home Depot will hold sales on efficient lightbulbs and home appliances throughout the summer, seeking to share in the tax-refund and economic-stimulus spending.

Justin Sullivan, Getty Images

Staples is going after small-business owners. Until May 4, the office supplies chain is offering $50 off purchases of $500 or more and $150 off furniture costing at least $1,000.

Source: AP, Reuters, USA Today

Tax rebates began reaching U.S. consumers on Monday. The rebates are part of the government's $152 billion 2008 economic stimulus package, and payments totaling more than $100 billion should be in most consumers' pockets by the end of June.

Reporting by Nicole Maestri; Editing by Lisa Von Ahn

Copyright 2008 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL. 2008-04-29 08:04:38

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.

2008-03-17 17:34:33

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