Wal-Mart vs. the rest, round 2

NEW YORK (CNNMoney.com) -- Consumer electronics retailers aren't sitting back while Wal-Mart slashes prices this holiday season.

"We will match or beat any pricing in the marketplace," Best Buy CEO Brad Anderson said Wednesday during a forum on innovation hosted by Fortune magazine.

Wal-Mart (Charts), the world's largest retailer, has rolled back prices on a slew of products, including hot-selling electronic gear including flat-screen TVs for the holidays.

The CEO of the nation's largest consumer electronics store said Wal-Mart's moves are aggressive, but when your store is called "Best Buy," you'd better deliver.

Best Buy (Charts) has always matched the prices of brick-and-mortar retailers and refunded price differences on products, usually within 14 or 30 days, the company said.

But this holiday it has improved its policy for high-definition TVs, offering to refund 110 percent of the difference from a competing price for a longer period - up to 60 days after purchase.

Circuit City (Charts) has also changed its price guarantee policy this season. It will beat a competitor's price by 25 percent of the difference for TV purchases or refund 125 percent of the difference up to 30 days after purchase.

Under the company's previous program, it would beat TV prices by 10 percent or refund 110 percent of the difference.

The moves come as Wal-Mart, considered a "competition killer," has been expanding its foothold in the consumer electronics market.

But despite aggressive price-cutting Wal-Mart is reporting lackluster holiday sales so far. The chain saw sales dip 0.1 percent at stores open at least a year in November, and it said December "same-store" sales would be flat to up 1 percent.

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