Walmart makes key move to target a new type of customer

A lot of people go to Walmart to benefit from the store's wide selection of inventory and affordable prices. But it would be pretty fair to say that through the years, Walmart hasn't exactly been known as a fashion-forward store.Sure, you can find inexpensive clothing at Walmart. And a lot of it is comfortable and offers great value. But when you have an event coming up, are you really going to head to Walmart to buy an outfit?Chances are, you'll visit a department store. You may even opt to go to Target which, despite its recent woes, is known for its fashion brands.But Walmart just made a key move to up its fashion offerings. And it could be a game-changer for the retail giant.Walmart introduces new Devil Wears Prada collectionIn an effort to be more fashion-minded, Walmart recently announced plans to launch a new Devil Wears Prada Scoop Collection. The assortment features everything from polished workplace attire to outfits made for a night out on the town.The collection features items such as:Tailored blazers and suitsCoordinated denim setsDressesIconic red pumps from the movieBelts that make a fashion statement"The Devil Wears Prada Scoop Collection brings together the confidence, polish and fashion influence customers love with the incredible value they expect from Walmart," said Ryan Waymire, Senior Vice President of Women’s Fashion. Related: Walmart sees troubling shift in consumer behavior"Through our exclusive Scoop brand, we’re able to deliver a limited-time collection that feels stylish, versatile and culturally relevant — making incredible style more accessible for customers everywhere."Not only is Walmart expanding its fashion offerings, but it's staying true to its roots. The new collection features items priced from $16 to $54. The full assortment is expected to become available on April 20 online and in stores. Walmart has been adding higher-end partnerships to its merchandise mix.Icatnews/Shutterstock.com Walmart’s broader fashion push is gaining tractionWalmart's new collection is part of a broader push to attract fashion-minded customers. In recent years, the company has invested heavily in building out its private-label brands like Scoop and Free Assembly, both designed to offer more elevated, trendy styles. These brands have helped Walmart shift away from basic apparel and toward curated collections with stronger identities.As UBS analyst Michael Lasser said, “After a period of reinvention four years ago, these brands now offer trend-oriented, fashion-forward items." He also said Walmart "appears to be seeing great traction with these two brands.”Walmart has also embraced technology to speed up design and production. The company has invested in tools designed to move products from concept to shelf faster, allowing the company to maintain solid inventory while keeping assortments fresh.The results are starting to show. Analysts estimate Walmart’s apparel business generates tens of billions in annual sales. And the company is increasingly seen as a legitimate competitor in fashion, not just a budget alternative.More Retail:Costco sees major shift in member behaviorRetail chain shuts all locations as legal changes hit industryCostco makes major investment in online shopping for membersAll of this is allowing Walmart to attract a new kind of shopper -- fashion-minded customers who aren't just looking to save money. At the same time, Walmart is by no means ditching its core customers. And that, more so than anything, makes its fashion-forward push more likely to succeed.Related: Costco sees shift in member behavior