Price-conscious shoppers flock to Walmart Supercenters to pick up $1 potato chips and $3 gallons of milk, but the world's biggest retailer will now try to sell them $298 cozy swivel chairs and $50 Wrangler jeans, too.
Walmart accounts for 4.6% of the $560.4 billion U.S. apparel market, followed by TJX, Target and Ross at 4.4%, 4.1% and 2.8%, respectively, according to GlobalData.
Walmart's, celebrity collaboration strategy, which was pioneered by rival Target, features women's clothing designed by Brandon Maxwell of the Bravo show "Project Runway" and home organization products developed by Clea Shearer and Joanna Teplin from "The Home Edit" series on Netflix. CFRA research analyst Arun Sundaram said Walmart could pick up sales of home decor following the bankruptcy of Bed Bath and Beyond, and it might gain market share from other clothing chains with inventory gluts.
Sundaram added that Walmart's opportunistic move to double down on clothing and home goods "made sense" when the economy is slowing and not "when people are buying everything."
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