Bear Sterns Report on Wal-Mart Stores, Inc. (2004)

This report from Bear Stearns examines Wal-Mart's pricing strategy. From the introduction:

"Wal-Mart is well-known for its everyday low pricing strategy, epitomized by its tagline, “Always Low Prices. Always.” We believe its pricing strategy helps Wal-Mart gain market share year after year. However, exactly how low is “low?” What are the prices that consumers around the country are seeing when they shop for their everyday needs? It seemed to us that the only way to find out was to hit the stores.

Thus, during the summer of 2004, we toured multiple markets and conducted a pricing survey that compared Wal-Mart’s prices on a variety of branded and private label merchandise to those of nearby Targets and Kmarts. We chose Target and Kmart as they are Wal-Mart’s closest competitors, in our view, both being big-box discounters with an expansive, similar assortment of products."

Click here to download Bear Stearns' Report on Wal-Mart Stores, Inc.