Prices are climbing at big-name retailers — and it’s not just inflation this time. A new round of import tariffs, including a flat 10% on most goods and up to 50% on products from places like China, Vietnam, and Indonesia, is putting serious pressure on retail margins. Some chains have already raised prices across the board. Others are hiking them selectively. And then there are those still holding the line, for now.
Here’s who’s raised what.
On a mid-May earnings call, Walmart said it will raise prices on some products because of tariffs. CFO John David Rainey told CNBC, “We’re trying to navigate this the best that we can. But this is a little bit unprecedented in terms of the speed and magnitude in which the price increases are coming.” He said shoppers will likely see price hikes by late May and more in June. CEO Doug McMillon added that tariffs on imports from countries like China, Costa Rica, and Peru are putting pressure on prices for items like bananas, avocados, coffee, roses, toys, and electronics.
Macy’s is adjusting prices and trimming certain products as part of what CEO Tony Spring calls a selective approach to rising costs. “There are going to be items that are the same price as they were a year ago. There are going to be, selectively, items that may be more expensive, and there are items that we might not carry because the pricing doesn’t merit the quality or the perceived value by the consumer,” Spring told CNBC in a post-earnings call interview.
While Macy’s reported stronger-than-expected Q1 sales at $4.6 billion, it lowered its full-year outlook, citing cost pressures and changing shopper behavior. Spring also pointed out that Macy’s has more room to maneuver than most: “As a multi-category retailer, we have a lot of optionality. If something isn’t priced fairly, we’re not going to buy it,” he said during the company’s May 28 earnings call.
Best Buy has raised prices on some products as of mid-May to deal with higher import tariffs, CEO Corie Barry confirmed during a May 29 earnings call, as reported by CNBC. She called it a “last resort” after cutting costs in other areas. The company didn’t say which items got more expensive, citing competitive concerns.
Barry said about 30 to 35 percent of Best Buy’s goods still come from China, but the company has shifted more sourcing to countries like Vietnam, India, and Mexico to ease tariff pressure.
At the same time, Best Buy slashed its full-year sales and profit outlook, now expecting up to $300 million less in revenue than previously forecast. The retailer missed revenue estimates in Q1 and reported an 18 percent drop in net income.
Nike is raising prices across a range of products starting June 1. Best-selling items priced between $100 and $150 will go up by as much as $5, while those over $150 will increase by up to $10. The company says it’s part of seasonal planning, but the move comes right as new tariffs on imports from China and Vietnam — where much of Nike’s manufacturing happens — go into effect. While Nike hasn’t directly blamed the tariffs, the timing raises eyebrows.
Target is trying to avoid big price hikes, but tariffs are already showing up on its shelves. While CEO Brian Cornell has called raising prices a “last resort,” some increases are happening. According to a Business Insider report, the price of a Baby Born doll jumped from $34.97 to $49.97 in May at Walmart — and Target quietly matched it soon after.
Costco is trying hard to hold its ground and resist the temptation to raise prices due to tariffs, saying it would be a last resort. However, some price hikes have already happened. During the company’s late-May 2025 earnings call, the company explained that while prices for staple goods like bananas and pineapples from Central and South America have been held steady to shield members from tariff impacts, prices for less essential items, such as flowers, might be increased.
While not technicaly a retailer, Mattel is hiking prices in the U.S. after new tariffs on Chinese imports jumped a staggering 145%. The toy giant says the extra costs will hit its bottom line by around $270 million this year. To soften the blow, Mattel is shifting production of 500 products out of China — nearly double last year’s number — but it still expects up to 50% of its toys to stay under the $20 mark.
Home Depot stands apart. CFO Richard McPhail told CNBC in April 2025 that the company does not plan to raise prices at this time. "We intend to generally maintain our current pricing levels across our portfolio,” Chief Financial Officer Richard McPhail told CNBC, adding that the company’s global supply chain is diverse enough that “no single country outside the U.S. will account for more than 10%” of purchases by next year. For now, Home Depot is keeping prices where they are.
