Walmart Inc (NYSE:WMT) has launched its private food brand, Bettergoods, to bring culinary concepts directly to customers at Walmart's Every Day Low Prices.

Bettergoods marks Walmart's largest private brand food launch in 20 years and the fastest food private brand Walmart has brought to market.

The brand aims to make quality, trend-forward and chef-inspired food approachable and affordable, with most items priced under $5.

Bettergoods has 300 items spanning Walmart's aisles, including frozen, dairy, snacks, beverages, pasta, soups, coffee, chocolate and more.

The move marks a significant strategic shift for Walmart as it vies for market share against competitors like Costco Wholesale Corporation (NASDAQ:COST), Trader Joe's, and Amazon.com Inc's (NASDAQ:AMZN) Whole Foods. By bolstering its store-brand offerings, Walmart aims to maintain foot traffic and consumer spending, according to a report from The Wall Street Journal.

Walmart's existing store brand, Great Value, will continue alongside Bettergoods. The transition reportedly aims to clear consumer confusion between Walmart's private labels, including the repositioning or discontinuation of Sam's Choice products.

With the rise of private food brands, Walmart seeks to capitalize on evolving consumer preferences, offering competitive pricing and unique flavors.

Amid its food sector expansion, Walmart announced the closure of all 51 health clinics opened in the past five years due to rising operational costs.

Walmart stock has gained more than 17% in the last 12 months. Investors can gain exposure to the stick via Vanguard Consumer Staples ETF (NYSE:VDC) and Fidelity MSCI Consumer Staples Index ETF (NYSE:FSTA).

Read Next: Walmart CEO Doug McMillon Earns 976 Times More Than Median Employee Last Fiscal Year

Price Action: WMT shares closed lower by 1.48% at $59.35 on Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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