Reports last week say that Walmart has cut the prices on 100 popular toys to below $10 as they expect US shoppers to put a value-for-money focus on Christmas presents. Three multiples (the other two are Target and Toys R Us) determine what happens in the toy market and the major suppliers are ensuring that most of their toys are priced at less than $30.

In the UK this week, Tesco talked up the optimism of shoppers and Sainsbury talked the optimism down. We have become accustomed to taking a lead from across the Atlantic and it appears that retailers who get the “value for money” proposition right can make some money.