BENTONVILLE, Ark.—Wal-Mart Stores (NYSE: WMT) took a bold step today in putting its vision business into the spotlight by announcing the launch of new, nationwide programs which slash prices on contact lenses and children’s eyeglasses and simplify the purchasing process.

The mass merchandise giant said its new program with 1-800 Contacts will save customers as much as 12 percent to 50 percent on the costs of a yearly supply of contact lenses. Additionally, Walmart is offering frame-and-lens packages for children age 18 or under for as low as $39.

At a press conference with national media this morning, Walmart executives touted the move as a further step in the company’s efforts to “provide greater value, more convenience and better healthcare for consumers.”

“Working with our suppliers and 1-800 Contacts, we have found a way to help our contact lens customers spend less and save more,” said Dr. John Agwunobi, senior vice president and president of Walmart’s Health and Wellness division. “By offering greater accessibility and affordability, we believe the customer savings could reach $400 million during the first three years of this alliance.”

Agwunobi said the roll-out of the contact lens program follows a successful pilot program which involved about 1,000 Walmart Vision Centers. The program, along with the youth eyewear offering, will be available in 1,500 stores by the end of the month and will be expanded to 3,000 locations.

Walmart and 1-800 Contacts estimate that customers "have already saved more than $25 million since it began rolling out the program nationwide in January.”

“At a time when every penny counts, contact lens wearers want to save money and get brand name contact lenses conveniently,” said Jonathan Coon, chief executive officer at 1-800 Contacts. “We are proud to be working with Walmart. Together, we have eliminated the hassle of mail-in rebates and replaced them with instant savings at the register. Our alliance improves access and lowers costs –enabling contact lens wearers to replace their lenses more frequently and live healthier lives.”

The new program, the outgrowth of an alliance originally announced by the two companies last year, enables Walmart customers to purchase their contact lenses either at Wal-Mart stores, through the Web or by phone. 1-800 Contacts is providing order fulfillment and customer support.

Jeff McAllister, Walmart’s senior vice president for health and wellness, said that customers who participate in the contact lens program will be examined by independent eyecare practitioners affiliated with Walmart.

McAllister noted that the program is designed so that consumers buy the appropriate amount of contact lenses instead of “stretching” the wearing period of the lenses beyond what is recommended by the manufacturer. He added that customers will be able to purchase multiple boxes of contact lenses and an annual supply. The program includes popular brands such as Johnson & Johnson Vision Care’s Acuvue Oasys, with prices ranging from $19 to $29 per box, McAllister said.

In the youth eyewear program, designed to “help families during tough economic times," Walmart Vision Center customers can choose among 18 different frame styles and colors for $10. Executives did not detail which frames or brands would be included in the $10 program. Three different single-vision, scratch-resistant polycarbonate lens options are being offered, starting at $29 and ranging to $49 with Platinum anti-reflective, smudge resistant coating and $79 for Transitions photochromic lenses with Platinum coating. Walmart will provide a one-year guaranteed free replacement if the glasses are damaged.

In addition to the special $10 offering youth frames, Walmart cited other popular frame brands that are available at its everyday low prices. The brands mentioned include Baby Phat, Phat Farm, Body Glove, Nickelodeon, Hanna Montana, Turbo Flex, Umbro and Oscar de la Renta. This summer, Walmart will add the Daisy Fuentes brand frames to the mix, its announcement said.

Said Agwunobi. “This offering draws directly from our commitment to help families save money so they can live better.”