(Reuters) - Walmart, the U.S. discount chain run by Wal-Mart Stores Inc, plans to offer customers lowest prices on products during the winter holiday season, in a move to lure holiday shoppers amid economic gloom.
The "Christmas Price Guarantee" offer will be applicable on products bought from Walmart stores between November 1 and December 25. If the customer finds a product listed for a lower price at any other store, Walmart will issue a gift card to the customer equal to the difference in amount.
The store said items placed on layaway, where a buyer reserves merchandise by paying a deposit, will also be eligible for the Christmas Price Guarantee.
The winter holiday season, which traditionally runs from the day after U.S. Thanksgiving through Christmas, is the most important time of year for retailers. In recent years, U.S. chains including Walmart have advertised earlier and offered deeper discounts to drive sales amid the struggling economy.
Walmart, the world's largest retailer, is getting back into layaway after a five-year break, albeit on a smaller scale, after other chains received a boost by offering the service during the downturn.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Jon Loades-Carter)