日常百貨的低廉價格，是沃爾瑪（Walmart Inc.）引以為豪的特色。不過隨著蘇打水、零食和牙膏廠商為了應對高企的成本和逼近的關稅而提高了零售商的進貨價，它總要付出代價。

問題在于代價在哪里。

數(shù)據(jù)追蹤公司尼爾森（Nielsen）的數(shù)據(jù)顯示，日用消費品的平均價格在2019年上半年上漲2.3%，增幅為近年來最大。沃爾瑪門店的行政人員稱第一季度的通脹情況“適度”。然而，Gordon Haskett Research Advisors指出，今年6月去沃爾瑪購物一趟比起去年同期要多花費5.2%。對節(jié)儉的顧客而言，這樣的漲價利益攸關。

供貨商提高要價

可口可樂公司（Coca-Cola Co.）、百事公司（PepsiCo）、寶潔公司（Procter & Gamble Co.）和家樂氏公司（Kellogg Co.）等都提高了供貨價，這迫使沃爾瑪做出抉擇：忍受進貨價格的提升，擠壓自身的利潤空間；讓消費者為漲價買單，承擔銷售額降低的風險；或是利用對供應商的影響力延緩或減輕漲價的沖擊。

沃爾瑪沒有透露今后的計劃，不過專家表示這家零售商可能會綜合采用這三種策略來應對通脹。

愛德華·瓊斯公司（Edward Jones）的分析師布萊恩·亞伯勒在接受采訪時表示：“沃爾瑪會盡其所能地避免讓漲價的影響波及消費者，不過到了某一時刻，他們不得不這樣做，因為節(jié)約的成本無法完全抵消我們開始看到的這一輪通脹。不過，他們對供應商還有很大影響力，所以我肯定他們正在反擊?！?/p>

盡管如此，未來的價格預計還會有更多調整。對價值3,000億美元的中國進口商品加征10%關稅的政策即將從下月起實施。沃爾瑪?shù)母吖芤呀?jīng)表態(tài)，這會不可避免導致商品漲價——而假日購物季即將來臨。

這些漲價有多少會由消費者承擔？亞伯勒表示：“沒人知道，除了沃爾瑪?shù)氖紫攧展??！?/p>

通脹擠壓利潤

適度的通脹往往受到零售商歡迎，尤其是在經(jīng)濟狀況和現(xiàn)在一樣表現(xiàn)良好，失業(yè)率接近歷史低點，消費者信心高漲時。在近年來苦苦應對歷史少有的一輪食品通貨緊縮之后，雜貨商尤其渴望舒展筋骨漲一漲價。

不過沃爾瑪?shù)那闆r不同。Gordon Haskett的數(shù)據(jù)顯示，沃爾瑪對零售領域的統(tǒng)治建立在價格最低的基礎上，他們的定價比家樂氏等傳統(tǒng)超市連鎖店大約低10%，比競爭對手塔吉特（Target Corp.）低5%。稍微提高一點價格，就可能讓消費者轉而投向奧樂齊（Aldi）或Dollar General Corp.等大幅折扣商店，甚至亞馬遜（Amazon.com Inc.）網(wǎng)上商城的懷抱。

零售咨詢公司Inmar Analytics的高級副總裁吉姆·赫特爾在接受采訪時表示：“沃爾瑪認為，自身的價格優(yōu)勢越大，業(yè)績就能越好?！?/p>

但是，如果家樂氏、塔吉特和其他公司紛紛漲價，沃爾瑪不效仿，就相當于放棄到手的錢。隨著員工薪水、運輸費用和電子商務投資水漲船高，擠壓了利潤空間，這家位于阿肯色州的零售商必然要設法提高利潤。

Gordon Haskett的分析師去年對76件相同產品的價格追蹤顯示，沃爾瑪已經(jīng)有所漲價。塔吉特也是一樣。當然，沃爾瑪在8月15日發(fā)布財報，塔吉特在8月21日也會公布業(yè)績情況，投資者可以一探究竟。

漲價的不止大型零售商。奧萊利汽車零配件公司（O’Reilly Automotive Inc.）和Tractor Supply Co.等小型專業(yè)零售商在第二季度同樣上調了價格，這很大程度上是為了應對現(xiàn)行關稅政策的影響。其他零售商也可以因此名正言順地漲價。

奧萊利的首席運營官和聯(lián)席總裁杰夫·肖在7月25日表示：“所有人都面臨著提價壓力。我們看到各家公司都相應調整了價格。”（財富中文網(wǎng)）

譯者：嚴匡正

Walmart Inc. prides itself on rock-bottom prices for everyday goods, but as soda, snack. and toothpaste makers boost what they charge retailers in response to rising costs and looming tariffs, something’s got to give.

The question is where.

Average prices for consumer goods rose 2.3% in the first six months of 2019—the fastest pace in several years, according to data tracker Nielsen. At Walmart, store officials said there was “modest” inflation in the first quarter. However, according to Gordon Haskett Research Advisors, a Walmart shopping trip was 5.2% more expensive in June compared with a year earlier. For thrifty Walmart shoppers, that matters.

Suppliers charging more

Coca-Cola Co., PepsiCo Inc., Procter & Gamble Co., and Kellogg Co. are among those jacking up prices, pressuring Walmart into a decision: The retailer can absorb the price hike and see its profit margins suffer, pass along the increase to shoppers and risk losing sales, or use its clout with suppliers to delay or mitigate the impact.

Walmart won’t comment on its plans, but experts say the retailer will likely employ a blend of all three strategies to cope with inflation.

“Walmart will do everything they can to not pass this on to consumers, but at some point they will have to because there is not enough cost savings to offset the inflation we’re starting to see,” Brian Yarbrough, an analyst at Edward Jones, said in an interview. “Still, they have a lot of leverage over suppliers so I’m sure they’re pushing back.”

Nevertheless, expect more adjustments to come. Starting next month, the next round of 10% tariffs on a broad swath of $300 billion worth of Chinese imports begin. This will inevitably lead to price increases, Walmart executives have said— just as the holiday shopping season gets underway.

How much of those increases will be borne by consumers? “None of us know,” Yarbrough said, “except Walmart’s CFO.”

Inflation squeezing profits

Retailers typically welcome a bit of inflation, especially if economic conditions are favorable as they are now: Unemployment is near record lows and consumer confidence is high. After grappling with a historic bout of food deflation in recent years, grocers in particular are keen to flex their pricing muscles.

But Walmart’s different. Its dominance of the retail sector rests on a foundation of having the lowest prices, which are typically about 10% below traditional supermarket chains like Kroger Co. and 5% lower than rival Target Corp., according to Gordon Haskett. Raise those prices just a bit, and it could send shoppers down the road to deep-discounters like Aldi or Dollar General Corp., or even online to Amazon.com Inc.

“Walmart is convinced that the more they widen their price advantage, the better off they will be,” Jim Hertel, a senior vice president at retail consulting firm Inmar Analytics, said in an interview.

Yet if Kroger, Target. and others raise their prices, Walmart is leaving money on the table by not following suit. The Arkansas-based retailer could certainly use a profit boost, as higher wages, transportation costs, and e-commerce investments have squeezed its margins.

Walmart already has increased some prices, according to checks on a basket of about 76 identical items conducted by analysts at Gordon Haskett over the past year. So has Target. Of course, investors will be watching as Walmart on Aug. 15 reports results, and Target follows on Aug. 21.

It’s not just the big boxes. Smaller, specialty retailers like O’Reilly Automotive Inc. and Tractor Supply Co. both hiked prices in the second quarter, largely in response to existing tariffs in place. That’s given cover for others to do the same.

“Everybody is under the same pressure from the price increases,” O’Reilly Chief Operating Officer and Co-President Jeff Shaw said July 25. “And what we’re seeing in the field is everybody adjusting the prices accordingly.”