How does retailers (like Walmart) decide when to mark items down or put them on clearance?

How does retailers (like Walmart) decide when to mark items down or put them on clearance?

I purchased a pair of pumps from Walmart earlier this year (maybe in Feb. or Mar.) The Walmart is in my neighborhood, so I visit frequently. And I noticed that the price of those shoes as well as others that were on display earlier this year has not changed. Firstly I am surprised that they have not changed the shoe inventory in months, and if they have not sold at the regular price, why haven’t they been marked down already. How does stores like walmart decide when to mark down or put items on clearance?

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