According to an article in Time magazine, Wal*Mart's most recent round of price-cutting has been a failure:
Earlier this year, the retailer tried to spark sluggish U.S. sales by lowering its prices - already bargains - even further. One analyst called it "an initiative that screams: Price! Price! Price!" These rollbacks, as they are known in Walmartspeak and in the company's advertising, were intended to overwhelm the shopper. ... Walmart expected a flood of customers to its stores, which would help lift the company's stock out of its rut and get Walmart rolling again.
Instead, cutting prices depressed sales, as shoppers took the bargains and ran. For the quarter ending July 31, Walmart's U.S. same-store sales fell 1.8%. The company's same-store sales have now fallen for five straight quarters. Of the rollback strategy, Bill Simon, the president and CEO of Walmart U.S., told investors at a September conference, "It did not do what we had hoped it would do. It did, however, drive price perception. It did not drive sales or traffic." As a result, Walmart rolled back the deeper discounts, and prices started inching upward this summer.
The article goes on to talk about how all those recent expensive renovations you had to suffer through weren't as successful as expected, either. It's an interesting look at how we, as consumers, are still able to direct the choices Wal*Mart makes, so go check it out.