Old Navy is committing to pausing price hikes on select kids' clothing through the end of September to help families with their back-to-school shopping amid record-high inflation.
The retailer announced a new "Price ON-Lock" initiative, which will lock prices on all boys' and girls' apparel items labeled "Everyday Magic" in its stores and on OldNavy.com.
An Old Navy clothing store is seen at Monroe Marketplace in Pennsylvania. (Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images) "Old Navy understands the financial pressures facing its customers and wants to ensure parents can outfit their kids for the new school year without additional budgetary concerns," the company said in a statement.
A survey by KPMG estimated that families spent an average of $268 on back-to-school shopping in 2021, up from $247 in 2020, led by increased spending on footwear, apparel and school supplies.