Walmart Stores Inc. (NYSE: WMT) must believe that it actually is the dominant force in everyday low prices. It means to prove that point by offering customers the prices that its competitors charge. While the program has its risks, it may also prove the no other retailer can match the bulk of its discounts.

According to a report:

Wal-Mart told The Associated Press that it has rolled out an online tool that compares its prices on 80,000 food and household products — from canned beans to dishwashing soap — with those of its competitors. If a lower price is found elsewhere, the discounter will refund the difference to shoppers in the form a store credit.

The world’s largest retailer began offering the feature, called “Savings Catcher,” on its website late last month in seven big markets that include Dallas, San Diego and Atlanta. The tool compares advertised prices at retailers with physical stores, and not at online rivals like Amazon.com that also offer low prices on staples.

Customers register online, and then put in the tag number of their receipts into a database which spiders prices from advertising posted by Walmart’s competitors. Clothing and electronics products will not be part of the program. However, the matching system will work by market, so customers actually have a practical means of using the program

Of course,  “Savings Catcher” could trigger price wars — and drive down the profits of any retail which wishes to use discounts to draw customers. Walmart has the advantage of its balance sheet and low cost of doing business. It is among the U.S. companies which pays its employees the least.

Walmart has good reason to take the risk. Same store-sales and revenue in the United States have stagnated. It also has had trouble openings stores in the nation’s largest cities, where there is political pressure from smaller retailers to keep Walmart out. Its stock price has been stuck in a range of $70 to $81 for about a year. The stock closed Friday at $76.10 but is down 3.3% this year.

Walmart has taken a chance with “Savings Catcher.” However, it does not have many other means to improve its embattled store sales.

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